Who are the E-commerce Big Spenders?
The convenience and choice offered by online shopping mean many of us opt for digital transactions over in-store purchases. As a retailer exploring multi-channel sales or a new enterprise entering the e-commerce market, it is useful to know who the big online spenders are.
What Percentage of Retail Sales are Made Online?
Retail Times predicts that e-commerce will make up a quarter of total global retail sales by 2025, but some countries are ahead of the game. Whilst it is recognised the opportunities in the rapidly expanding Chinese, Indian and American online markets, the UK is ahead of the game. South Korea and France are other nations with higher than average online spending.
According to data collated by Statista, 29% of UK purchases were made online during 2021. The figure peaked at 36.8% in the February 2021 lockdown and dropped to 26.9%, its lowest level in November. Annually, the rate has increased year on year and this trend is forecast to continue.
Are you Marketing your Goods and Services to the Right People?
In the UK, 87% of 16- 75-year-olds have purchased goods or services online. The younger generation is tech-savvy and rarely parted from their phones, but are they spending? You may be surprised to learn that Generation X (those born between 1966 and 1981) were the biggest UK online spenders.
This age bracket includes parents and grandparents who may be purchasing groceries, homeware, entertainment and clothing for other family members, as well as themselves.
Whilst UK consumers currently favour online more than other nations, the biggest spenders in terms of percentage of salary are the Chinese. The average Shopper in China spends 19.34% of their salary online. This compares to 11.14% in the UK.
Information on UK regulations is provided on the Government website: https://www.gov.uk/online-and-distance-selling-for-businesses/online-selling. If your e-commerce plans are global, ensure that you are informed and compliant about the regulations and restrictions that govern online sales and goods in the relevant countries.
https://www.statista.com/statistics/315506/online-retail-sales-in-the-united-kingdom/
https://www.websitebuilderexpert.com/blog/worlds-biggest-online-spenders/
