The pandemic caused a rise in the number of online shops

European e-commerce was worth over €750B last year. Source:?shutterstock.com

According to Ecommerce News, in 2020, European e-commerce grew to €757 billion. In fact, this is a 10% growth from €690 billion in 2019.

Over the last years, there has been a steady increase in the number and share of online shoppers within Europe every year. The largest jump in the number of online shoppers can be seen in 2020, due in part to the pandemic pushing consumers to online shopping. The percentage of online shoppers was 71% in 2020, while it was just 66% in the year before.

These findings are?stated in the 2021 European Ecommerce Report, published by Ecommerce Europe and EuroCommerce. Though e-commerce within Europe grew significantly, with 10%, the growth was smaller than in 2019 (14%).

Along with that, the pandemic has had a massive impact on the retail sector. With lockdown regulations across the EU, there was a high rise in the number of online shops and the economic shock of having to close physical stores was somewhat absorbed by the growth of e-commerce.

In 2020, Western Europe achieved the highest share of total European e-commerce turnover with 64%. Southern Europe holds 16% of the total turnover. In terms of growth, Eastern Europe shined in 2020 with a rate of 46%, while Western Europe’s growth rate remained moderate at 4%. The growth rates of Central and Southern Europe were somewhat equal, 28% and 24% respectively.

We’ve reported that UK startups raised highest VC funding amount during January-August 2021.

SEE ALSO:

• China to launch a third major stock exchange in Beijing
• Walmart: retail & payments ecosystem
• Mambu’s CCO on the future of banking and the role of Big Tech in financial services