Recent research compiled by OC&C Strategy Consultants, Google and PayPal, has stated that the world’s largest eCommerce markets – the UK included – will increase twofold by 2018 to £645bn.
It has been revealed that people living in Britain are presently spending £1 in every £5 of their shopping online, with online retail in the US, UK, China and Germany, set to double in size by 2018, adding £320bn to the eCommerce economy.
Pleasingly for any Magento eCommerce users, it was underlined by the report that Britain is the most popular online overseas destination for German shoppers. Furthermore, the Chinese buy products online from British retailers just as habitually as domestic shoppers do.
This benefits the UK, the report suggested, as “Chinese and German shoppers are more valuable than their British counterparts”. They spend, on average 2.7 and 1.7 times more for every transaction they make.
International shoppers alluded to the choice of product pricing (40%), and the quality of British goods (29%) as reasons for choosing products from the British market.
Martijn Bertisen, sales director at Google UK, proclaimed that many consumers only experience the web through a smartphone in today’s market. This, as one would expect, is translating increasingly into mobile transactions and that being on top of a company’s mobile strategy is essential in achieving international success in retail.