European consumers predicted to increase online spending
01 March 2018 - 11:17 by Simon Crisp
A new report from Forrester has estimated that sales made via safe shopping online will rise by 11.9 per cent across Western Europe over the next five years.
By 2022 a little over a fifth of all retail sales will be generated via the web, with e-commerce growth outstripping increases in activity on the high street by a factor of ten, according to Internet Retailing.
Interestingly, the UK actually sits at the lower end of the spectrum in terms of the projected growth in safe shopping online, although this is largely because this marketplace is already well established. In other parts of Europe, e-commerce is still a small but expanding part of the market as a whole.
The report also identified the ongoing issues faced by bricks and mortar outlets, with footfall at real world stores dipping by 2.7 per cent last year and profits taking a hit as a result.
Retailers are also likely to be hit by the fact that wages are rising more slowly than inflation, leaving consumers with less spending power than they had in the past.
Study spokesperson, Michael O’Grady, said that even with obstacles to overcome, online retail sales look set to blossom in many parts of Western Europe, especially in places like Germany and France, where major retailers are anticipating significant gains in the course of the next half decade.
He also said that digital platforms will be responsible for influencing 38 per cent of sales, with a variety of technologies coming together to shape consumer trends and change the way that people shop, as well as what they buy.
So even if e-commerce sites are not responsible for the majority of sales, their indirect influence will be felt across the sector, especially in bricks and mortar stores.