The COVID-19-led boom in online sales has caused an impressive growth of the European eCommerce market, both in terms of revenue and the number of users. As millions of people continue switching from brick-and-mortar shops to webshops, Europe's eCommerce revenue is set to reach a new record.
According to data presented by Finaria.it, the revenue of the European eCommerce market is expected to hit $465bn this year, 30% more than before the pandemic struck.
Even before the pandemic, the European eCommerce market has witnessed impressive growth. In 2018, revenues grew by $24.8bn YoY and hit $320.6bn, revealed the Statista survey. By the end of the following year, this figure jumped by another $33.6bn reaching $354.1bn.
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 $425.2bn last year, an $71bn increase YoY.
The strong upward trend is expected to continue in 2021, with the entire market growing by another 9.5% YoY. By 2025, Europe's eCommerce segment is forecast to reach almost $570bn value.
As the market's largest segment, fashion is forecast to hit a market volume of $143.5bn in 2021, or 32% more than before the pandemic. By 2025, this figure is expected to hit $176.5bn.
The electronics and media segment is expected to generate $103.5bn in revenue this year, up from $95.5bn in 2019. Furniture and appliances and food and personal care follow with $68bn and $63.6bn, respectively.
The Statista survey also revealed the average revenue per user is expected to hit $918 this year, up from $777.4 in 2019. In the next four years, this figure is set to reach almost $1,000.
More than Half a Billion Europeans to Shop Online This Year
In 2017, almost 395 million Europeans were shopping online. In the next twelve months, the number of eCommerce users rose to 424.5 million.
Statistics show that 2019 witnessed the most impressive year-over-year growth, with the number of online shoppers in Europe rising by 31 million YoY and reaching 455.5 million.
The strong upward trend continued in 2020, with the number of eCommerce users growing by another 25 million. Statistics show the number of Europeans shopping online is set to reach 506 million this year, with a user penetration of almost 60%. By 2025, this figure is forecast to hit nearly 570 million.
As the largest European eCommerce market, the United Kingdom is expected to generate close to $104bn in revenue in 2021, a 7% increase in a year.
Germany, the second-largest eCommerce market in Europe, is set to reach $95bn value this year, up from $87.6bn in 2020. France and Spain follow with $58.9bn and $23.8bn in eCommerce revenues, respectively.
