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A report from the Ecommerce Foundation says the UK grew to €15.6 billion in 2017. This same report shows that business-to-consumer e-commerce turnover in the UK increased 13.7 billion pounds (15.6 billion euros) last year. This translates to a 13.65 percent increase for next year. If the predicted growth rate of 14.3 percent rings true, the UK could be worth 17.8 billion euros.
The Ecommerce Foundation also revealed interesting details on consumer behaviour that every retail business owner will find useful. According to the study, 16.4 percent of total retail sales comes from the internet, compared to 14.7 percent in 2016. Nearly half of UK online consumers use their mobile phone or tablet first to search for products, then use their desktop to place their order.
93 percent of online UK shoppers are making purchases from UK retailers, while 31 percent are shopping with retailers in the EU. Their item of choice? Clothing is still the top choice for online shoppers in the UK, at 64%. Other online purchases (by category) include:
That being said, 93 percent of online shoppers also choose to shop in-store. Why travel to a brick-and-mortar with the convenience of online shopping? The level of choice, the ability to compare prices, and cost all play a large role in UK consumers’ decision to shop in-store.
With the expected growth of e-commerce in the UK, many new entrepreneurs will be jumping in to share their story, products and services with consumers. Are you planning to launch your business venture soon? Is your business established, but you need payment processing for e-commerce? Consider the many advantages of using a high-risk merchant account.
While banks are hesitant to work with e-commerce businesses, alternative processors are not. They offer high-risk merchant accounts specifically tailored to meet the needs of each industry they work with. In this case, e-commerce businesses. The application process is known for taking just minutes to complete, and many processors can have your account up and running within the same day. You can safely and easily accept online orders from all your customers in the UK and offer them multiple payment processing options.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time.