European eCommerce revenues to hit $600B by 2023
The year 2020 was a record year for the European eCommerce market, with revenues growing by 30% year-over-year, triple the pre-pandemic rise from 2018 and 2019.
However, the entire market is expected to continue its impressive growth in the following years, as millions of European consumers keep on choosing the conveniences of shopping online.
According to data presented by AksjeBloggen.com, European eCommerce revenues are expected to reach $530.7bn in 2021, 15% more than in 2020. By 2023, this figure is forecast to jump to over $600bn.
Nearly 65 Million Europeans to Start Shopping Online by 2023
Even before the pandemic, the European eCommerce market witnessed impressive growth. In 2018, revenues grew by $25bn YoY and hit $319.9bn, revealed the Statista survey. By the end of the following year, this figure jumped by another $33.4bn reaching $353.3bn.
However, 2020 saw the biggest revenue growth so far, as millions of consumers turned to online shopping amid the COVID-19 lockdown. Statistics show that European eCommerce revenues hit $460.5bn last year, a massive $107.2bn increase YoY. The strong upward trend is expected to continue in 2021, with eCommerce sales rising by another $70.2bn.
Statistics show fashion is by far the largest contributor, with $152.3bn in revenue in 2021. By 2023, this segment is forecast to grow by 16% and hit a $176.8bn value. Electronics and media are expected to bring in over $139.6bn by 2023, up from $124.3bn this year. Toys, hobby & DIY, as the third-largest segment of the European eCommerce market, are forecast to grow by 11% in the next two years and hit $116.2bn value.
The Statista survey also revealed nearly 65 million Europeans are expected to start shopping online in the next two years. In 2021, the total number of users in the European eCommerce market is expected to reach 506.9 million, up from 480.9 million in 2020. By 2023, the number of users is set to jump to over 545 million.
UK and Germany generate 41% of European eCommerce Revenues
The Statista survey also revealed the average revenue per user increased significantly since the pandemic hit, rising from $775 in 2019 to $1,046 in 2021. In the next four years, this figure is set to reach $1,114.
As the leading European eCommerce market, the UK accounts for the biggest revenue share. In 2021, nearly 59 million Britons are expected to shop online and generate $117.7bn in revenue, 12% more than a year ago. By 2023, the number of users is set to reach almost 60 million, while eCommerce sales in the country are forecast to hit $128.9bn.
Although ranked as the second-largest eCommerce market in Europe, Germany has more eCommerce users than the UK, or close to 65 million in 2021. In the next two years, the number of Germans shopping online is set to reach nearly 68 million, with a massive 81% penetration rate. Statistics show German eCommerce revenues are forecast to jump from $109bn to $123.7bn in this period.
The Statista survey revealed the United Kingdom and Germany, as the two leading markets are expected to generate 41% of total European revenues in the next two years.
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