Global eCommerce has reached $26.7 trillion, and online sales saw an unprecedented rise because of COVID-19. The eCommerce spending in the UK during Q1 rose by 54% year over year (YoY), thus making up £28bn, and the global average growth rate accounted for 38%. Let’s look at some more figures and find out why you should work with a payment expert like BestPaymentProviders.co.uk.
eCommerce Growth in the UK
The United Nations Conference on Trade and Development’s (UNCTAD) report shows that online retail sales saw a huge rise in several countries. The Republic of Korea reported the highest share at 25.9% last year, which was up from 20.8% in 2019.
As for the global eCommerce sales, they reached $26.7 trillion in 2019, which was up 4% from the previous year. This refers to business-to-business (B2B) and business-to-consumer (B2C) sales and equals 30% of global gross domestic product (GDP) that year.
Let’s look at the UK market. Retail eCommerce sales in the country rose by 4.7% last year. The Office for National Statistics shows that, as of March 2021, online sales in food retail increased by 105%, compared to March 2020. Online sales surged in the household goods market, thus accounting for a 99.7% rise in that month.
With that, it’s more pivotal than ever to offer online payment methods to your customers if you aren’t doing so yet. In today’s increasingly digital world, you should work with an expert payment processor to grow your business steadily.
For this, apply to a respectable processor-comparison company like BestPaymentProviders.co.uk that provides the most honest review of merchant processors so you can find the best fit for your financial needs.
Search and Online Spending Growth in the UK
Adobe has reported that 26% of consumers are more for using online stores for making purchases. Of course, COVID-19 has played its immense role in such change in consumer buying habits. So, it’s no surprise that online search and spending have increased vividly.
Google’s overall search ads in the UK grew by 2.0% last year. However, the total search market witnessed a dip, thus reaching 70.3% from 72.6% in 2019.
The most recent Adobe Digital Economy Index shows that COVID-19 has made online spending surge, with global eCommerce accounting for £635bn in the 1st quarter of 2021, which is up at 38% YoY growth in dollar terms.
As you see, COVID-19 has accelerated the growth of online sales. So, it’s no wonder that there’s a significant rise in search and online spending in the UK and just elsewhere.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment experts like BestPaymentProviders.co.uk. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.
Sep 06, 2021 0