The Czech Republic is the fastest-growing e-commerce market in Europe
E-commerce in Europe: top & fastest-growing markets. Source: shutterstock.com
According to Ecommerce News, most growth of a European country’s e-commerce market can be expected in the Czech Republic, where it’s predicted the online retail industry will grow 16% by 2021. That’s more than in other European markets.
E-commerce in Europe is still growing strong, although it’s developing less hard in more mature markets, such as the United Kingdom, France, and Germany. But research from J.P. Morgan shows that in 10 countries across Europe double-digit growth is expected by 2021. The Czech Republic is expected to grow 16%, while Italy (14%) and Spain (13.5%) are other fast-growing e-commerce markets.
The compound annual growth rate of e-commerce in Europe
| Country | Ecommerce market size | Ecommerce CAGR (2017-2021) |
| UK | €178.5 billion | 9% |
| France | €81.7 billion | 10.5% |
| Germany | €73 billion | 7.3% |
| Spain | €30.4 billion | 13.5% |
| The Netherlands | €22.5 billion | 11% |
| Italy | €21.2 billion | 14% |
| Denmark | €15.4 billion | 10.5% |
| Sweden | €12 billion | 9% |
| Norway | €10.9 billion | 13% |
| Switzerland | €10.1 billion | 7.5% |
| Belgium | €10.1 billion | 8.5% |
| Poland | €9.9 billion | 10% |
| Austria | €9.2 billion | 8% |
| Finland | €8.5 billion | 11% |
| Ireland | €7 billion | 8.6% |
| Czech Republic | €4.4 billion | 16% |
| Portugal | €4.3 billion | 12% |
| Luxembourg | €0.7 billion | 8% |
According to J.P. Morgan, it’s mobile commerce that is the main driver of growth in Europe. In the United Kingdom and the Czech Republic, for example, mobile devices are currently the most preferred device for shopping online. And in Ireland, Norway, and Sweden the smartphone as a shopping device is also very popular among consumers.
| Country | Total e-commerce as a percentage completed on a mobile device |
| Czech Republic |
54% |
| United Kingdom |
51% |
| Ireland |
42% |
| Sweden |
41% |
| Norway |
39% |
| Spain |
38% |
| Italy |
33% |
| Denmark |
32% |
| Finland |
31% |
| Germany |
27% |
| Switzerland |
27% |
| France |
21% |
| The Netherlands |
20% |
| Luxembourg |
19% |
| Belgium |
15% |
| Poland |
11% |
| Portugal |
10% |
| Austria |
8% |
The research shows that cards are still the most used payment method in Europe (in 11 out of 18 countries cards were the number one payment method), but other methods such as digital wallets are growing fast. Card payments are especially popular in Denmark (accounting for 63.4% of e-commerce payments), Ireland (60%), and the United Kingdom (53%).
In countries such as Finland, Switzerland and?the Netherlands?bank transfers are a very popular payment method. Open invoicing, where consumers pay once the goods have been received, and direct debit payments account for 40% of online sales. And in Italy, almost a third of online purchases are done using digital wallets.
We’ve reported that CEO of Irish fashion retailer Primark, Paul Marchant, disagrees with claims that COVID-19 has forced shoppers to continually shop online.
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