Before discussing the specific features of the UK E-Commerce market, it is necessary to first assess the projected 2021 market size as well as the needs and capabilities of the current UK buyers. The key statistical figures for this year show that revenue in the UK E-Commerce market is expected to reach over 80 million pounds, with an annual growth rate of 3.5% by 2025. The influence of pandemic measures and restrictions made a huge impact and changed online shopping as we know it, not just for the UK but also for the other countries throughout Europe and the world in general.
The difference between the UK and Swedish E-Customers
According to the latest predictions, the E-Commercial wave that particularly worked in favor of the world’s largest online retailers will become less intensive in the following years. Due to the unexpected COVID-19 circumstances, this type of buying became a daily routine for many UK citizens. However, online shopping is no longer reserved for the young generation or the tech-savvy Brits. With every new purchase, the average UK internet buyer is gaining more experience and learning how to use online shopping responsibly, which includes safe online payment, identity protection, receiving and returning purchased items, and recycling the packages.
Although the UK customers are getting much more open to internet shopping and E-Commerce in general, there is one country nearby that could serve as an example in sense of embracing the new ways. Sweden is the third-largest country in the EU, has had good economic ranks for years, and is among the highest incomes in the world, and does not use Euro as its currency. Over 80% of Swedes know and like to shop online and does that actively for more than a few years. This percentage is equally applicable to the city areas as well as to the less populated parts such as the north of the country. Swedish buyers love to use various payment methods, app-based ones, invoices, and credit and debit cards. E-Commerce in Sweden has reached the point where it is possible to order items on demand, with the same-day delivery option.
Strategies for the E-Commerce business development
Every E-Commerce store needs its website and social media accounts. They’ll serve as an effective marketing tool and a platform to create a customer base and the most efficient way to communicate directly with buyers and service users. Social media platforms already have more than a few options for business owners to initiate the action, such as “buy now” or “shop now” buttons, marketplace, parts dedicated only to ads, and similar shopping tabs. Furthermore, customers can now shop directly on the platform. Although it’s still an option, there is no need to go to the store’s website anymore.
As the number of impulse buyers grows daily, brands have a plethora of opportunities to elevate their E-Commerce activities from plan to acting. Vegan, cruelty-free, and sustainable products, environmentally friendly, and biodegradable packaging are just a few ways for E-Commerce businesses to attract and keep new buyers. These new, green, fair-trade initiatives are not just lucrative for the business owners in the sense of better selling results, they are also extremely beneficial to the environment, and could be the main reason for people to choose and support the brand.
Local rules for E-Commerce in the UK
Similar to mechanisms used in the US, the UK legal system offers protection of rights for intellectual property. The regulations for internet sales and digital services are part of the UK E-Commerce Directive and VAT rules guidance. The Intellectual Property Office (IPO) is the official department responsible for protecting intellectual property rights, patents, designs, copyright, and trademarks.