The European e-commerce market in 2023 stands out as an unparalleled opportunity for international businesses to expand their reach, tap into a large consumer based, and capitalise on the growing trend of online shopping.
Consumer Trust and Regulation: The EU’s commitment to consumer protection has led to the enactment of robust laws and regulations. Notably, the Consumers Rights Act 2022 and General Data Protection Regulation (GDPR) has bolstered consumer trust, assuaging concerns regarding online transactions. This trust contributes to the increasing preference for online shopping across Europe.
Market Size and Digital Adoption:
With access to nearly 450 million people, the European Union (EU) market surpasses the combined size of the UK and US markets. The EU ecommerce market boasts a vast consumer base, as evidenced by a 2022 study revealing that 84% of EU citizens use the internet daily and 68% of individuals aged 16–74 have engaged in online shopping. These numbers demonstrate the substantial potential for e-commerce growth within the EU.
The EU aims to provide every European household with access to high-speed internet by the end of 2025, giving the opportunity to even those in rural areas to shop online easily.
The decision making of EU policy makers over the past decade reflects the high value that they have placed on delivering a high performing European eCommerce market.
Overcoming Obstacles: Entering the European market has traditionally posed challenges for foreign brands. High shipping costs, delivery delays, management of VAT across 27 states and other market entry complexities have impeded many brands entering Europe.
Conclusion: The European e-commerce market presents an unparalleled opportunity for growth. With its vast consumer base, digital adoption, historical context of cooperation, and robust consumer protection regulations, the EU market cannot be ignored. Overcoming previous obstacles is now possible with solutions like 3PL services, that empower brands to access the immense potential of the European e-commerce market.
RedSky Europe was created to remove these barriers to expansion in the European Union through its fulfilment and VAT management services. Find out more at https://redskyeurope.com.
Sources
“The EU ecommerce market boasts a vast consumer base, as evidenced by a 2022 study revealing that 84% of EU citizens use the internet daily and 68% of individuals aged 16–74 have engaged in online shopping.”
“The EU aims to provide every European household with access to high-speed internet by the end of 2025, giving the opportunity to even those in rural areas to shop online easily.”