Analysis from Cushman & Wakefield reveals that the UK is currently the most developed online market in the world, followed by the USA, Germany and France. Whilst the US is still the largest e-commerce market, accounting for almost a third of global sales, the UK is slightly ahead in terms of its maturity.
The Global Perspective on Retail: Online Retailing report shows that online retailing has been growing at an average of over 18% each year over the last 3 years, with market share of online retail sales highest in North America (6% market share) followed by Western Europe (4.7%).
The report, which examined retail market size and infrastructure factors to compile a weighted country index, claims that while the US is the largest e-commerce market, accounting for almost a third of global online sales, the UK is slightly ahead in terms of its maturity. The findings identify China as the fastest growing online market but says Russia and Malaysia also have potential to become leading online players.
The report also further underlines the importance of a multichannel approach to retailing, as growth is not coming at the expense of store-based sales. In the UK, the greatest growth has been for Click and Collect services, and therefore stores are still integral to the sales process. Indeed Verdict has this week predicted that Click and Collect services in the UK are set to grow by more than two thirds to be worth over £4 billion in 2018.
Shoppers in all mature markets now expect to be able to purchase goods in an integrated way across all channels, making the experience for a brand seamless. Cushman & Wakeman believe that the successful combination of online and offline will be a powerful source of competitive advantage, with online providing the intelligence to support personalisation and customer service whilst physical stores provide accessibility and the ability to deliver a real experience.
As consumers continue to use multiple channels to shop, seamless retailing is becoming a key attribute in today’s market for any retailer that wants to remain relevant. Having complete visibility of and consistency into pricing, promotions and product assortment across all channels is critical in order to satisfy the multichannel shopper whose demands are set to intensify.
Discover how Profitero works with global retailers to provide visibility and transparency into the prices, product assortment and promotions of millions of products across thousands of retailers every day. To ensure you remain relevant to today’s shopper, email us at sales@profitero.com and find out how we can help you to deliver a seamless experience for your customers.
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Pricing intelligence company Profitero provides retailers with actionable price intelligence data, monitoring over 50 million products across 4,000 eCommerce retailers every day, observing pricing, promotions and stock availability. We work with the world’s leading retailers, enabling them to acquire new customers and grow profit margins by monitoring and responding to changes in competitor pricing and promotional activity as they happen. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email sales@profitero.com