Between 2024 and 2029, Forrester is predicting a rise in on-line gross sales in Europe. It expects that on-line gross sales will develop from 389 billion euros in 2024, to 565 billion euros in 2029. On-line gross sales will even take up a bigger share of the entire retail gross sales.
These information come from a current research printed by Forrester, an American analysis agency. The report appears to be like on the 5 largest economies in Western Europe: France, Germany, Italy, Spain an the UK. In 2023, the agency already predicted an annual progress price in on-line gross sales of 9.2 p.c up till 2028.
Annual progress price of seven.8%
On this newer report, the anticipated annual progress price appears to have slowed down just a little. Between 2023 and 2029, the corporate expects a compound annual progress price of seven.8 p.c. Moreover, throughout the 5 markets, on-line gross sales will symbolize a share of virtually 21 p.c of all retail gross sales by 2029. In 2024, that share was nonetheless 16 p.c.
Offline retail will develop at a compound annual progress price of 1.7% by 2029
Whereas ecommerce in Europe is predicted to develop considerably, offline retail will improve at a slower price. By 2029, offline retail gross sales are forecasted to develop at a compound annual progress price of only one.7 p.c. In 2023, that price was nonetheless 4.1 p.c and in 2022 it was 8.9 p.c.
European ecommerce dominated by the UK
When trying on the markets individually, Forrester expects that the UK will dominate European ecommerce. The market is predicted to succeed in a turnover of 207 billion euros (or 176 billion British kilos) by 2029. Final yr, the turnover was 152 billion euros (130 billion British kilos).
German ecommerce will even improve, from 97 billion euros in on-line gross sales final yr to 146 billion euros by 2029. And in France, on-line turnover will attain 106 billion euros in 2029. Final yr, the turnover was 73 billion euros.
Within the UK, on-line gross sales will make up 32% of all retail gross sales
Ecommerce in the UK will make up 32 p.c of the entire retail gross sales by 2029, whereas German ecommerce may have a share of 21 p.c. In France, the share of on-line gross sales will attain 17 p.c. Moreover, these areas are anticipated to change into a hub for marketplace-driven progress, says Forrester.
‘Reshaping retail panorama’
“The expansion of on-line gross sales is reshaping the retail panorama, giving companies alternatives to develop their buyer base by providing extra comfort and delivering tailor-made purchasing experiences”, says Jitender Miglani, principal forecast analyst at Forrester. “European retailers ought to think about investing in superior digital platforms to undertake omnichannel methods to satisfy rising demand on-line. Getting buyer expertise proper in each on-line and offline realms will dictate market dominance within the subsequent decade.”