January 20, 2014
A new study estimates online shopping will grow fivefold in the six top e-commerce markets over the next six years, sky-rocketing to $130 billion by 2020.
UK consulting firm OC&C, in conjunction with search engine Google, compiled data from the United States, Britain, Germany, the Nordics, the Netherlands and France to come up with the number.
Today, Britain is at the top of the markets, with the six nations combined accounting for $25 billion in e-commerce sales last year. By 2020, that number will inflate to $130 billion.
Throughout the entirety of Europe, the firm says, numbers are expected to reach more than $430 billion by 2018.
“Over the next decade, online retail will become even more international. This represents a great opportunity for retailers by providing a new, capital-light approach to grow rapidly,” OC&C partner Anita Balchandani said in a statement published by Reuters.
The market is being driven internationally, says the report, by online shopping sites like Amazon and eBay. Clothing retailers Zalando out of Germany and Britain’s ASOS ranked second.
It’s no surprise Britain has one of the top online retailers, as it generated the biggest online trade surplus in 2013 ($1 billion), reports Reuters.
Other popular online shopping destinations include Swedish furniture company IKEA, fashion retailer H&M and Avon Products Inc. All three companies, according to the report, have taken advantage of the e-commerce boom to expand internationally.
Megan Abraham is a staff writer for SiteProNews.