Europe B2C E-Commerce Market 2023

Europe B2C E-Commerce Market 2023

Retail E-Commerce sales in Western Europe are projected to surpass EUR 700 billion by 2026, making up more than 16% of total retail sales: new yStats.com report

Notable technology trends such as AR and VR are reshaping the global B2C E-Commerce market

Amid ongoing digitalization shaping various sectors, an array of advanced technologies, including augmented reality, AI-driven recommendation engines, drones, and AI robots, are profoundly influencing the B2C E-Commerce experience. Prominent trends also encompass AI-generated content marketing, ethical and sustainable considerations, along with the incorporation of AR and VR for personalized shopping journeys. In addition, the rise of social commerce, originating from China, has gained traction in Western markets, offering a seamless shopping experience with potential growth concerns and regulatory alignment issues.

Within the realm of widely preferred payment methods for global B2C E-Commerce transactions, online payments maintain their dominance. Projections indicate that this segment's value could exceed EUR 7 trillion by 2026. As of 2023, online payments comprise a substantial 95% of the overall transactions within the global B2C E-Commerce sphere.

The retail E-Commerce landscape in Western Europe is positioned for significant growth by 2026

The projection is for retail E-Commerce sales in Western Europe to eclipse the EUR 700 billion mark by 2026, contributing to over 16% of the total retail sales volume. Notably, around three-quarters of Europe's Internet users participated in online shopping during 2022. Norway emerged as a leader with a remarkable 92% of respondents engaging in online shopping within the preceding year. Online shopping preferences demonstrated correlations with factors like age and education, with the 25-34 age group leading the trend. Education also played a role, as 88% of those with higher formal education participated in online shopping, compared to 56% among individuals with low or no formal education.

Regarding product categories, the most sought-after items in 2022 included 'Clothes (including shoes and accessories)', followed by 'Deliveries from restaurants, fast food, and catering services', and 'Cosmetic, beauty, and wellness products'.