Published Date : Sep 06, 2016
ALBANY, NY, Sep 06, 2016: MarketResearchReports.biz recently announced the addition of a report on the online payments and retail market in the U.K. to its repository. It is titled “Online Payments And Retail In The UK: An In-Depth View” and is available for sale in the company website.
The online spending in the U.K. is expected to surge exponentially in the forthcoming years. Besides this, growth in the country’s online retail sector is also expected as consumers shift focus from brick and mortar stores to online shopping. These trends form the basis of the study of the report on online payments and retail in the U.K.
The U.K. retail industry is already worth multibillion dollars and over the next few years, demand from the industry is poised to increase even more following the advent of novel technologies. Furthermore, the ecommerce sales in the country are expected to rise at a considerable pace. This will in turn drive the online payments and retail market in the U.K. The growth witnessed by the market over the last few years is primarily contributed by the proliferation of mobile devices.
According to the report, the consumer spending on retail online goods in the U.K. reached US$66.3 bn in 2015. While the online retail industry in Europe has already reached its maturity, there is still considerable scope for it to witness strong growth over the next few years. The report expects the online retail returns in the U.K to grow by at least 50% between 2015 and 2020.
Online shopping in the country witnesses a surge in spending particularly during the Christmas. During this time, the country’s online payments and retail market registered growth more than the estimated sales. Sales via handheld devices are expected to increase at a higher pace during the forecast period. Among the various handheld devices available in the market, online spending via smartphones is likely to increase at a higher pace than sales via tablet.
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According to the report, personal debit cards are the most preferred mode of payment by online consumers in the U.K. The study also expects the use of credit cards for making payments online to increase during the forecast period. Besides this, PayPal has also emerged as a popular mode of payment for goods purchased online.
Online sales of fashion and sports good are expected to increase at a higher rate. The rising trend of shopping household and travel items online will fuel demand for online payments and retail in the U.K. The recent technological advancements aimed at making the online shopping experience more convenient and payment easier will augur well for the market.
However, the increasing risk of cyber-attacks pose threat to the online payments and retail market in the U.K. According to the British Retail Consortium, cybercrimes and frauds against retailers rose by 55% between 2014 and 2015. These have negative implications on the market as they discourage consumers from opting for online shopping. With an increasing number of shoppers moving online, it is vital for websites to be safer. While increasing cyber threats are dampening the market’s trajectory to an extent, technologies introduced promising safer browsing could help online retailers mitigate this problem.
To present a comprehensive overview, the report also presents an reports on the prevailing vendor landscape in the market. Strategies adopted by the leading market players and their impact on the overall market operations are also studied in detail.
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