Ecommerce and Retail Growth in the UK

Wednesday, December 13th, 2017

The UK has one of the world’s most developed ecommerce markets. The percentage of retail that ecommerce has is the highest in Europe. Ecommerce Europe and the Ecommerce Foundation’s joint 2016 European B2C ecommerce report shows that the UK is the leader when it comes to market size (€157.1 billion) and has average spending per e-shopper (€3.625).

UK Ecommerce and Retail

Online retail sales in the UK accounted for 60 billion euros in 2016. The mobile share of online sales in the UK increased from 0.4 at the beginning of 2010 to 50% in the 1^st quarter of 2016. In 2017, B2C ecommerce sales are anticipated to grow by 7.3% compared to 2016.

Retail spending increased in the later part of 2016. In 2016 alone, UK retailers spent £133 billion online, which was an £18 billion increase in the amount spent online in 2015. Online sales in 2016 grew 16% as compared to 2015, surpassing the estimated forecast of 11% growth.

If you’re interested in opening a reliable and low-cost ecommerce merchant account, turn to Best Payment Providers to get the top payment processing solutions for you UK business. Best Payment Providers is a payment expert that delivers free consultation and reviews contracts, rates, and fees to ensure you’re getting the best deal.

Since integration requirements are equally important as fees and customer service, Best Payment Providers checks each provider’s integration process to guarantee a smooth transition and onboarding process.

What’s Important for Ecommerce Merchants?

Personalization is becoming a competitive advantage for merchants effectively using consumer insights to customize their products/services. The better you know your customers, their likes and dislikes, what they’re looking for and what they want to purchase, the more chances you’ll have to acquire a sale.

Today, sales conversion isn’t merely associated with brand loyalty or price. The market and consumer preferences for payment methods are changing. Consumers are on the lookout for ease of use and speedy transactions. Merchants who focus on gaining better knowledge of what consumers really want so to meet their expectations have the potential to surpass seasonal forecasts.

It’s important for ecommerce merchants to focus on:

1. User-friendly online storefront that’s optimized for mobile devices
2. Online articles and videos showcasing the best gifts in different categories
3. Special offers such as free shipping or limited-time deals, throughout the holiday season
4. A discount when customers purchase two or more of an item
5. Optimized checkout methods, offering multiple payment options and a more seamless experience
6. Faster shipping methods and delivery confirmation services
7. A fair and transparent return policy
8. Decreasing false declines and increasing transaction approval rates
9. Monitoring customer reviews and responding to negative feedback
10. Fraud prevention and chargeback management during the holiday season

It’s still unclear how the retail sector in the UK is going to demonstrate itself this year. The thing is that the country is going to face some uncertainty associated with the move from the European Union. Use the right strategies to take your business to the next level and improve your bottom line without major challenges.