Average Brit spends over £150 more online than European counterpartsby
Statistics from RetailMeNot forecast that the average UK resident will spend £1,174 online this year, a total of £52.25bn across the year and over £150 more than the average spend of residents of its next nearest European counterpart, Germany.
The online marketplace analyst carried out its study in collaboration with the Centre for Retail Research, which also found that online spending is expected to account for 15.2% of all consumer retail sales in the UK.
The increase in sales per shopper is predicted to be as much as 10%, with the average shopper spending £55.36 per purchase online and making 21 purchases via ecommerce channels through the year.
In total, online sales are expected to grow by 16.2% in the UK from £44.97 billion in 2014, while sales across Europe are tipped to grow by 18.4%.
“Investment by retailers in improving the online shopping experience and in more sophisticated consumer targeting is clearly paying dividends,” says Giulio Montemagno, senior vice president of international at RetailMeNot.
“In the UK, consumers are now shopping online more frequently and spending more overall, helping to increase online retailers’ market share. This is being bolstered by a growing number of online shoppers; 65.5% of Brits now shop on the web.”
While this figure varies depending on the study (the Office of National Statistics suggests the percentage of Brits shopping online could be as much as three-quarters), the UK appears to have hit somewhat of a sweetspot in terms of the factors involved with pushing ecommerce figures skywards; so much so that the average UK resident is even expected to spend £50 more this year than the average US resident.
However, while the UK ecommerce market is one of the globe’s largest and most mature, the German market is by far the fastest growing with online spend forecast to reach £44.61 billion this year; an increase of 25% on 2014.
The German market is expected to slow this year and through 2016, with Polish online retail set to close the gap as one of the faster-growing European markets, before overtaking Germany as growth accelerates from 21% in 2015 to 22.5% in 2016.
Sweden’s e-commerce market is the slowest growing in Europe, however it is the most mature according to RetailMeNot’s data, with 69.8% of Swedes now shopping on the web.
Conversely, as the UK’s ecommerce market continues to mature at a similar rate, the next major battleground is said to be mcommerce. Further recent research from RetailMeNot suggests UK retailers are planning to make major investments in their mobile strategies over the coming 12 months, with improving mcommerce platforms the chief aim for 87% of the businesses involved in the study.
Chris is Editor of MyCustomer. He is a practiced editor, having worked as a copywriter for creative agency, Stranger Collective from 2009 to 2011 and subsequently as a journalist covering technology, marketing and customer service from 2011-2014 as editor of Business Cloud News. He joined MyCustomer in 2014.