E-commerce (electronic commerce) is the buying and selling of goods and services through the Internet or through online services. E-commerce technology includes things like mobile commerce, electronic funds transfers, supply chain management, Internet marketing, online transaction processing, electronic data exchange (EDI), inventory management systems, and automated data gathering systems. Except for shipment and delivery, almost all e-commerce sales are handled over the internet, giving sellers and buyers the flexibility to conduct business at any time and from any location. B2C e-commerce has become one of the fastest-growing industries in globalization since shopping and selling online is more convenient than traditional sales. The five types of B2C e-commerce include direct sellers, online intermediaries, advertisement-based, community-based, and fee-based e-commerce.
During the projection period (2022–2030), the Europe B2C E-Commerce market is estimated to reach a valuation of USD 1983 million, increasing at a CAGR of 6.95%. In Western Europe, internet connection is practically universal. This, combined with the high penetration rate of digital devices, is the primary driver of e-commerce growth. Consumers prefer on-the-go purchasing, and mobile internet has gained popularity in Western Europe, with the majority of countries logging more transactions through mobile devices.
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The Europe B2C E-Commerce Market share has been divided into three categories: type, application, and region.
By kind, the B2C e-commerce market has been divided into B2C retailers and classifieds. The B2C merchant's type sector is likely to dominate the region's market, with a forecasted value of USD 7,971 billion by 2030, representing an annual growth rate of 8%. An increase in internet banking and mobile transactions is expected to move the segment forward in the coming years.
Second, smart city developments and urbanization have resulted in a westernized lifestyle in emerging countries, resulting in the shift from traditional to online shopping patterns. Globalization's ease of doing business, effective logistics network, and significant demand beyond countries are credited with the increase.
Automotive, beauty & personal care, books & stationery, consumer electronics, clothing & footwear, home décor & electronics, sports & leisure, travel & tourism, media & entertainment, information technology, and others have been categorized into the B2C e-commerce market depending on the application. The apparel and footwear application category is likely to lead the European market, with a forecasted value of USD 2,607 billion by 2030, representing an 11% CAGR over the forecast period.
This is owing to the burgeoning online fashion industry, which allows merchants and producers to market their wares. Shopping on fashion websites offers a variety of payment and merchandise choices, as well as home delivery and speedy returns. The user-friendly and uncomplicated web page interface, with the help of the search system, provides for easy investigation of numerous product kinds, boosting the consumer's delight.
Apparel websites cut down on store line-ups, broadened the reach of businesses, and allowed busy people to "shop from anywhere." Virtual dressing rooms, gate delivery, and returns, for example, have eliminated the need for transportation or travel, while shopping websites are available 24 hours a day, seven days a week.
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The Europe B2C E-Commerce Market is expected to reach a valuation of USD 1983 million during the projected period (2022–2030), growing at a CAGR of 6.95%. Internet access is nearly common in Western Europe. The fundamental driver of e-commerce growth is this, paired with the high penetration rate of digital devices. Consumers enjoy purchasing on the go, and mobile internet has grown in popularity in Western Europe, with the majority of countries recording more transactions using mobile devices.
Consumers in Europe continue to choose e-commerce for clothes and footwear purchases, owing to the channel's ability to provide not just easy product and price comparisons, but also, increasingly, the purchase of whole trendy ensembles and online free stylist consultations. As more people turn to e-commerce for food and drink products with the convenience of home delivery, urbanization is one of the reasons for boosting the expansion of online grocery sales. Amazon.com remains the largest B2C E-Commerce company in Western Europe.
Many retailers in the region have decided to invest in E-Commerce as a result of Covid. As a result, the revenue of leading European E-Commerce companies increased by about 40% in 2020 compared to 2019. The major markets in the region have also witnessed remarkable growth in the online retail business, with the United Kingdom continuing to lead Europe in terms of B2C E-Commerce, with over a 30% year-over-year rise in 2020. B2C E-Commerce is estimated to account for over a third of retail sales in the United Kingdom by 2021, placing it third globally in terms of sales volume behind China and the United States. Germany, another mature economy, saw its B2C E-Commerce market grow by more than 20% year over year in 2020. In terms of worldwide position, Germany was expected to be sixth among other countries in 2021, based on its value. However, when compared to the same period the previous year, B2C E-Commerce values in Spain peaked in Q4 2020, however, the gain was not as significant as in other Western European neighbors. Furthermore, transactions from Spain to other countries accounted for a significant portion of total B2C E-Commerce revenues in Spain.
Clothing, shoes, and accessories were the most popular product category in the UK in 2020, with over half of respondents buying them online. However, in Germany, fashion and accessories fell to the second position, behind consumer electronics, which will account for about a quarter of all online sales by 2020. According to the data, the top three product categories purchased online in Spain were technology/communication, entertainment/culture, and food. In Russia, consumer preferences for product segments differed based on the type of purchase, indicating that when shopping locally online, people preferred consumer electronics, with clothing and footwear coming in second.
Some of the major players in the European Region (having significant market shares) are listed below: