World's largest online
retail markets to double in size by 2018
New statistics from OC&C Strategy Consultants, PayPal and Google predicts that the online retail markets in the US, China, UK and Germany will grow by £320bn to £645bn by 2018.
The study, called "Cracking the World’s Largest ecommerce Markets", reveals a huge opportunity for UK retailers, as the country is the most popular online overseas destination for German shoppers, and the second most popular in both China and the US.
Chinese and German shoppers spend on average 2.7 and 1.7 times more in each UK online transaction than UK consumers do, and Chinese shoppers buy from UK retailers online almost as frequently as domestic shoppers do.
However, the research also revealed that UK e-tailers aren't taking full advantage of the opportunity. They could be earning up to 60% more by building trust with local consumers, installing infrastructure to match local competitors, and responding to local payment preferences.
When buying British goods, the biggest pull factor for international customers is purchasing products they can't find in their own country, the research found.
Martijn Bertisen, Sales Director at Google UK, said:
"The number of people with internet access is growing fast, with many new consumers skipping the desktop phase entirely and only experiencing the web through a smartphone. Our study shows that this is increasingly translating into mobile transactions and that a mobile-first or even mobile-only strategy is now imperative to international success in retail. UK retailers should be well positioned to lead this growth internationally, as UK consumers are already amongst the most mobile of all. PayPal data used in this study suggests that in fashion, for example, 59% of online transactions are already being made via mobile in the UK, compared with 45% and 24% in the US and Germany respectively.”
The study analysed search and transaction data from Google and PayPal and the online shopping habits of consumers in what will be the four largest online retail markets by 2018.
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