sign in sign up
<<
Home , Country

European Country Profile eBook

rapyd.net Table of Contents

Introduction 3 Ecommerce Trends 4 Payment Trends 5 France - Economic Overview, eCommerce Trends, Payment Trends 6 Germany - Economic Overview, eCommerce Trends, Payment Trends 9 Italy - Economic Overview, eCommerce Trends, Payment Trends 12 - Economic Overview, eCommerce Trends, Payment Trends 15 Poland - Economic Overview, eCommerce Trends, Payment Trends 18 - Economic Overview, eCommerce Trends, Payment Trends 21 Spain - Economic Overview, eCommerce Trends, Payment Trends 24 Sweden - Economic Overview, eCommerce Trends, Payment Trends 27 - Economic Overview, eCommerce Trends, Payment Trends 30

European Country Profile eBook | 2 European Country Profile eBook Economic Overview

“” is the third largest in the by population, Growth has been slow across Europe in the aftermath of behind Asia and , and is usually taken to include recent economic crises. Russia, the largest country in the world, although much [1] All statistics from Currently, 28 European countries are members of the of Russia is geographically in Asia. Worldometer: Link European Union (EU), though this is set to fall to 27 when [2] IMF World Economic In 2019, Europe’s population numbered 747,182,751, the United Kingdom leaves. Five countries (Albania, the Outlook, 2019: Link representing 9.7% of total global population, down from Republic of North Macedonia, Montenegro, Serbia and [3] European Commission: Link 22.7% in 1995. Europe is ageing overall at a gradual pace, Turkey) are currently in the process of joining the EU, though with median age rising to 41.7 from 29.5 in 1955, though the this process can take a very long time and success is not [4] EEA, European Free Trade Association: Link rate of increase is much higher in some countries. About guaranteed.3 Four countries (Iceland, Norway, Switzerland three-quarters of Europeans live in and .1 and Liechtenstein) have opted not to join the EU, but three [5] European Free Trade Association: Link of these are members of the European Economic Area (EEA) Europe is a rich region by global standards. In 2019, Europe’s which gives them membership of the EU’s single market,4 [6] Commonwealth of nominal GDP was $21.79 trillion, just behind ($22.05 Independent States: Link while the fourth (Switzerland) has a free trade agreement trillion) and North America ($24.43 trillion).2 Per capita GDP with the EU.5 was $29,410, only exceeded by North America ($49,240). However, there is wide variation in incomes between the The Commonwealth of Independent States (CIS) consists of countries of Europe: per capita GDP in the advanced former members of the Soviet Union, about half of which of Western Europe is $49,240, the same as in North America, are European countries. Russia is by far the largest and but in Eastern Europe it is much lower, at only $11,320. most dominant country in this association, and many of the other members are economically dependent on it.6

European Country Profile eBook | 3 Ecommerce Trends

Western Europe is a large and prosperous eCommerce Eastern Europe is currently a much smaller market, reflecting [7] eMarketer: Link market. Retail eCommerce sales in the five biggest Western the less developed financial infrastructure and poorer [8] eCommerce News: Link

European countries (Germany, France, Italy, Spain and the populations of these countries. However, it is growing at an [9] Statista: Link United Kingdom) are expected to pass $315 billion in 2019 average rate of 19%. In 2019, 3.6% of retail sales were made [10] Eastern Europe & CIS, 7 and reach $400 billion by 2022. These five countries make online, and the average consumer spend is $705. Russians PPRO: Link up about half of total European eCommerce.8 Currently, the particularly like to shop online: 62% of Russians shopped United Kingdom is the largest market, generating nearly online in 2019, against the 47% average for the region as $79 billion in eCommerce revenue in 2019. But eCommerce a whole. Popular shopping destinations are , Russia growth in the United Kingdom is slowing down as the and Germany.10 As payments infrastructures and internet market matures, and other countries such as Germany penetration improve, and financial inclusion deepens, may surpass it in the next few years.9 Western Europe’s ecommerce in Eastern Europe may start to catch up with ecommerce market also faces growing uncertainty as the the more mature Western market, though U.S. and European United Kingdom prepares to leave the EU and global trade sanctions may make it difficult for Russia’s ecommerce tensions rise. market to develop.

European Country Profile eBook | 4 European payments infrastructure

Europe is notable for its diversity of payment methods. plus Switzerland, and . It enables people [11] Westen & Central Europe, Cards, bank transfers, digital wallets and cash are all popular, to make online payments in Euros to people and businesses PPRO: Link though cultural differences mean that preferred methods in other SEPA European countries as easily as they can within [12] Eastern Europe & CIS, of payment can vary widely across the region. In Western those countries.14 In November 2018, the EU introduced its PPRO, ibid.

Europe, credit and debit cards are the most frequently used Target Instant Payment Settlement (TIPS) system, enabling [13] Eastern Europe & CIS, payment method for online purchases, followed by digital Euro payments to be settled in real time anywhere in the PPRO, ibid.- where in the text? 11 wallets and bank transfers. In Eastern Europe, credit cards Euro area. Non-euro countries also have real-time settlement [14] SEPA, European are the most popular method, followed by cash, digital for domestic payments: for example Faster Payments was Commission: Link 12 15 wallets and bank transfers. Smartphone apps that make introduced in the U.K. in 2008 and Bankgirot in Sweden in [15] Faster payments: Link 16 it easy for customers to make online purchases directly 2012. However, real-time cross-border payments involving [16] Bankgirot: Link from their bank accounts or credit cards are growing in more than one European currency are still a work in progress. popularity throughout the region. Contactless payments At the present time, the CIS countries do not have a using cards or smartphones are becoming ubiquitous in common currency and cross-border payments systems are Western European countries, but in some Eastern European undeveloped. Cash remains the dominant form of payment countries, cash is still widely used.13 for online purchases. However, ubiquity of mobile phones The European Union’s single payments area (SEPA) covers not in the region may mean that mobile payments platforms only the 28 EU members but also the three EEA members, will provide an alternative in the future.

European Country Profile eBook | 5 France

With nominal GDP of $2.78 trillion,1 France is the third largest countries, though it also has strong economic ties with its economy in Europe and the sixth largest economy in the former in Africa and . Challenges world. It is a founder member of the European Union and include an unemployment rate of around 9%;2 public debt/ [1] : Link uses the Euro as its currency. France has a mixed economy GDP in excess of 90%;3 and an external deficit of about [2] World Bank: Link and its principal industries are energy, manufacturing, 0.7% of GDP.[4] technology and transport. It trades mainly with other EU [3] Eurostat: Link [4] World Bank: Link Key Statistics At A Glance [5] World Bank: Link [6] World Bank: Link

[7] International Population: 82.4% 94% Telecommunications Union: Link of France’s population of the population have [8] Spotlight, World Bank: Link 66.987 7 million (2018)5 use the internet (2019) bank accounts (men 91%, women 97%) 9 [9] World Bank: Link GDP per capita 87% 41% [10] World Bank: Link of adults have a mobile of the population use $ 41,463 8 10 (2018)6 phone credit cards

European Country Profile eBook | 6 France

Ecommerce Trends

44.9 million $42,674m (69% of population) $949.80 (2019) [11] Statista: Link

Ecommerce Ecommerce Average Ecommerce [12] Statista, ibid. revenue11 users12 revenue per user13 [13] Statista, ibid.

[14] Statista, ibid.

[15] Global Connected Commerce Report 2016, Nielsen: Link (2018-23) 3% 59% 18.11% (2015-16) 8% [15] World Bank: Link Cross-border Percentage of Projected ecommerce online purchases population making Ecommerce growth revenue compound [16] Statista, ibid. 16 (percentage of online purchases15 rate annual growth rate total)14 (CAGR)17 [17] Statista, ibid.

[18] Missing

Fashion Major ecommerce 33% Toys, hobby & DIY categories (percentage 20% Electronics & media 19% of total revenue):18 Furniture & appliances 17% Food & personal care 11%

European Country Profile eBook | 7 France

Popular Payment Methods

Sources: Consumer Credit card 61% Technographics Global Online Cash 54% Benchmark Survey (Part 1), PayPal 45% 2019 Debit or ATM card 43% Check/cheque 36% © 2019 Forrester Research, Inc. Direct debit from checking/chequing account 18% All of Forrester’s Technographics Merchant gift card 16% data is confidential and for Bank transfer 9% internal use only. Any external MasterPass by MasterCard 7% distribution is strictly prohibited. Cash on delivery (COD) 6%

Pre-paid debit card 5%

Visa Checkout 5% Amazon Pay 4% Apple Pay 3% Google Pay 3% None of these 2% Paylib 2% Bitcoin 1% PaySafeCard 1%

European Country Profile eBook | 8 Germany

Germany’s nominal GDP of nearly $4 trillion makes it the in engineering, electronics and transport. Unemployment largest economy in Europe and the fourth largest in the is very low, but persistently low wage growth and a strong world. It is a member of the G7 group of advanced countries. household saving habit tend to depress domestic demand, [19] World Bank: Link As a founder member of the European Union, it was one so Germany’s GDP growth comes mainly from its strong [20] World Bank: Link of the first EU countries to adopt the Euro as its currency. export sector.19 As exports exceed imports by some distance, Germany is a manufacturing-led economy with strengths Germany runs a sustained external surplus which in 2018 [21] World Bank: Link was 7.286% of GDP20. [22] World Bank: Link Key Statistics At A Glance [23] International Telecommunications Union: Link

Population: [24] Spotlight, World 89.74% 99% Bank: Link of Germany’s population of the population have 82.927 23 25 million (2018)21 use the internet (2019) bank accounts [25] World Bank: Link [26] World Bank: Link GDP per capita 89% 53% of adults have a mobile of the population use $ 48,195 24 26 (2018)22 phone credit cards

European Country Profile eBook | 9 Germany

Ecommerce Trends

67.9 million $74,228m (81.3% of population) $1,093.76 [27] Statista: Link

Ecommerce Ecommerce Average Ecommerce [28] Statista, ibid. revenue27 users28 revenue per user29 [29] Statista, ibid.

[30] Statista, ibid.

[31] Global Connected Commerce Report 2016, Nielsen: Link (2018-23) 2% 73% 19.87% (2015-16) 8.8% [32] World Bank: Link Cross-border Percentage of Projected ecommerce purchases population making Ecommerce growth revenue compound 32 (percentage online purchases31 rate annual growth rate of total)30 (CAGR)33

Electronics & media Major ecommerce 27% Fashion 25% categories (percentage Toys, hobby & DIY 21% of total revenue):34 Furniture & appliances 15% Food & personal care 12%

European Country Profile eBook | 10 Germany

Popular Payment Methods

PayPal 70% Sources: Consumer Pay with Invoice 58% Technographics Global Online Benchmark Survey (Part 1), 2019 Cash 57%

Bank transfer 56% © 2019 Forrester Research, Inc. Direct debit from checking/chequing account 49% All of Forrester’s Technographics Credit card 45% data is confidential and for Debit or ATM card 26% internal use only. Any external Klarna 21% distribution is strictly prohibited. Merchant gift card 19%

Amazon Pay 15%

Sofort 13% MasterPass by MasterCard 6% Pre-paid debit card 5% GiroPay 5% Cash on delivery (COD) 4% Visa Checkout 3% None of these 2% PaySafeCard 2% Bitcoin 1% Alipay 0%

European Country Profile eBook | 11 Italy

Italy is the fourth largest economy in Europe, with nominal and automobile production, and the South a popular tourist GDP of just over $2 trillion in 2018.35 It is a founder member location. However, since 1980 it has been on a rollercoaster of the European Union and uses the Euro as its currency. ride of successive booms and slumps. Challenges include [35] World Bank: Link Italy’s economy grew rapidly after the destruction of World high unemployment (currently around 10%),36 slow economic [36] World Bank: Link War II, with the North becoming a powerhouse for textiles growth and public debt/GDP in excess of 132% of GDP.37 [37] Eurostat: Link

[38] World Bank: Link Key Statistics At A Glance [39] World Bank: Link [40] International Telecommunications Union: Link Population: 74.39% 94% [41] Spotlight, World Bank: Link of Italy’s population use of the population have 40 [42] World Bank: Link 60.43838 the internet (2019) bank accounts (men 92%, million (2018) 42 women 96%) [43] World Bank: Link GDP per capita 97% 42% of adults have a mobile of the population use $34,318 41 43 (2018)39 phone credit cards

European Country Profile eBook | 12 Italy

Ecommerce Trends

$15,833m 39.5 million $400.56 [44] Statista: Link (65.3% of population) [45] Statista, ibid. Ecommerce Ecommerce Average Ecommerce revenue44 users45 revenue per user46 [46] Statista, ibid.

[47] Statista, ibid.

[48] Global Connected Commerce Report 2016, Nielsen: Link (2015-16) (2018-23) 4% 79% 16.54% 10.4% [49] World Bank: Link Cross-border Percentage of Projected ecommerce purchases population making Ecommerce growth revenue compound [50] Statista, ibid. 49 (percentage online purchases48 rate annual growth rate of total47 (CAGR)50 [51] Statista, ibid.

Electronics & media 29% Major ecommerce Fashion 29% categories (percentage Toys, hobby & DIY 17% of total revenue):51 Furniture & appliances 13% Food & personal care 12%

European Country Profile eBook | 13 Italy

Popular Payment Methods

PayPal 65% Sources: Consumer Cash 49% Technographics Global Online Credit card 49% Benchmark Survey (Part 1), 2019

Debit or ATM card 42% Pre-paid debit card 30% © 2019 Forrester Research, Inc. Bank transfer 23% All of Forrester’s Technographics Merchant gift card 21% data is confidential and for Cash on delivery (COD) 19% internal use only. Any external MasterPass by MasterCard 15% distribution is strictly prohibited. Direct debit from checking/chequing account 12% Amazon Pay 9% CartaSi/Nexi 8% Visa Checkout 6% Check/cheque 5% Apple Pay 3% Alipay 2% None of these 1% Bitcoin 1% Jiffy 1% PaySafeCard 1%

European Country Profile eBook | 14 Netherlands

The Netherlands is currently the seventh largest economy in is a major exporter, particularly of food and agricultural Europe, with nominal GDP in 2018 of $914 billion.52 Most of products, and as a result runs a sustained external surplus its is in Western Europe, but it also has six colonies which in 2018 was 10.8% of GDP.53 The Netherlands enjoys [52] World Bank: Link in the . The Netherlands is a founder member low unemployment and stable fiscal finances, with public [53] World Bank: Link of the EU, and in Europe uses the Euro as its currency. It debt/GDP of 54% in 2018.54 [54] Eurostat: Link

[55] World Bank: Link Key Statistics At A Glance [56] World Bank: Link [57] International Telecommunications Union: Link Population: 94.71% 100% [58] Spotlight, World Bank: Link of the population uses of the population have [59] World Bank: Link 17.231 57 59 million (2018)55 the internet (2019) bank accounts [60] World Bank: Link GDP per capita 91% 39% of adults have a mobile of the population use $ 53,024 58 60 (2018)56 phone credit cards

European Country Profile eBook | 15 Netherlands

Ecommerce Trends

million $ 14,534 m 14.1 $1,030.61 [61] Statista: Link (2019) (82.5% of population) [62] Statista, ibid. Ecommerce Ecommerce Average Ecommerce 61 users62 revenue per user63 revenue [63] Statista, ibid.

[64] Statista, ibid.

[65] World Bank: Link

[66] Statista, ibid. 6% 20.63% (2015-16) 7.4% (2018-23) Cross-border Projected ecommerce [67] Statista, ibid. purchases (percentage Ecommerce growth revenue compound 65 of total)64 rate annual growth rate (CAGR)66

Fashion 34% Major ecommerce Electronics & media 24% categories (percentage Toys, hobby & DIY 18% of total revenue):67 Furniture & appliances 15% Food & personal care 9%

European Country Profile eBook | 16 Netherlands

Popular Payment Methods

Sources: Consumer Technographics Global Online iDEAL 86% Benchmark Survey (Part 1), 2019 Debit or ATM card 80% Cash 57% © 2019 Forrester Research, Inc. Bank transfer 33% All of Forrester’s Technographics Credit card 31% data is confidential and for Merchant gift card 30% internal use only. Any external Direct debit from checking/chequing account 27% distribution is strictly prohibited. PayPal 26% Klarna 8% MasterPass by MasterCard 8% Pre-paid debit card 4% None of these 2% Cash on delivery (COD) 2% Alipay 2% Apple Pay 1% Bitcoin 1% PaySafeCard 1%

European Country Profile eBook | 17 Poland

The Third Polish Republic was established in 1989 when principal industry, employing over 12% of the workforce.69 communist rule was ended by popular vote. Poland joined Unemployment has fallen from 12% in 1990 to under 4% NATO in 1997 and the European Union in 2004, though in 2018,70 and inflation, which exceeded 600% in 1990, is [68] World Bank: Link it has not yet adopted the Euro. Poland’s economy grew under 2%.71 However, Poland’s population is poorer than [69] Industry Europe: Link rapidly after market-friendly reforms were introduced, the average for European Union countries and less digitally becoming the 10th largest economy in Europe with connected. [70] World Bank: Link nominal GDP of $586 billion in 2018.68 Agriculture is Poland’s [71] World Bank: Link

[72] World Bank: Link

Key Statistics At A Glance [73] World Bank: Link

[74] International Telecommunications Union: Link Population: 77.54% 87% [75] Spotlight, World Bank: Link of Poland’s population of population have bank 37.978 74 million (2018)72 use the internet (2019) accounts (men 88%, [76] World Bank: Link women 85%)76 [77] World Bank: Link GDP per capita 89% 17% of adults use a mobile of the population use $ 15,424 75 77 (2018)73 phone credit cards

European Country Profile eBook | 18 Poland

Ecommerce Trends

$9,690m 26.3m (69.5% of $367.74 [78] Statista: Link population) [79] Statista, ibid. Ecommerce Ecommerce Average Ecommerce revenue78 79 revenue per user80 users [80] Statista, ibid.

[81] Statista, ibid.

[82] Global Connected Commerce Report 2016, Nielsen: Link (2018-23) 6% 34% 19.63% (2015-16) 11.7% [83] World Bank: Link Cross-border Percentage of Projected ecommerce purchases population making Ecommerce growth revenue compound [84] Statista, ibid. 83 (percentage online purchases82 rate annual growth rate of total)81 (CAGR)84 [85] Statista, ibid.

Fashion 47% Major ecommerce Electronics & media 18% categories (percentage Toys, hobby & DIY 16% of total revenue):85 Furniture & appliances 13% Food & personal care 12%

European Country Profile eBook | 19 Poland

Popular Payment Methods

Sources: Consumer Technographics Global Online Bank transfer 70% Benchmark Survey (Part 1), Cash 67% 2019 Debit or ATM card 54% © 2019 Forrester Research, Inc. PayU 53% All of Forrester’s Technographics PayPal 41% data is confidential and for Cash on delivery (COD) 40% internal use only. Any external Credit card 31% distribution is strictly prohibited. Merchant gift card 26%

Blik 25%

MasterPass by MasterCard 13% Pre-paid debit card 9% Visa Checkout 9% Google Pay 7% Apple Pay 2% None of these 1% Bitcoin 1% PaySafeCard 1%

European Country Profile eBook | 20 Argentina Russia With more than 42 million residents, Argentina is the largest Spanish-speaking country in the world. Its capital, Buenos Aires, is also the most visited in all of South America. While there Russia is theare largest plenty country of urban-centric on earth landmarks, by geographic Argentina area,is also a natureand the principal supplier of natural gas to much of Europe. lover’s paradise, with a slew of outdoor activities available in the though the population is largely concentrated in western In 2014-5 Russia experienced an economic recession due to mountainous Patagonia region in the south. In 2017, the ’s . Formed after the dissolution of the Soviet Union a falling oil price, but it recovered quickly and GDP growth GDP reached $637.43 billion (USD). The Argentinian peso was [86] World Bank: Link in 1992, the Russiandevalued byFederation half against is the among dollar in the 2018, ten resulting biggest in enormous for 2018 came in at 2.255% per annum.86 However, rising [87] World Bank: Link economies indomestic the world, interest a military rates and power an IMF and rescue a permanent of $57 billion. political tensions between Russia and advanced Western member of the UN Security Council. It is a major oil exporter countries could derail its economic growth. [88] World Bank: Link The country has one of ’s largest mobile markets with 61 million connections. Online purchases have become the norm [89] International within this demographic, with 90% of connected Argentinians Telecommunications Union: Link Key Statisticsmaking At online A Glance purchases. [90] Spotlight, World Bank: Link [91] World Bank: Link

[92] World Bank: Link Population:Population: 80.86%Internet Penetration: 76% million of Russia’s population of the population have 144.47844.27 79% 89 91 million (2018)87 use the internet (2019) bank accounts GDP GDPper capitaper capita: 97% Mobile Penetration: 20% $14,399 of adults have73% a mobile of the population use $ 11,289 90 92 (2018)88 phone credit cards

06

European Country Profile eBook | 21 Russia

Ecommerce Trends

$18,613m 98.1m (67.3% of $189.67 [93] Statista: Link population) Ecommerce Average Ecommerce [94] Statista, ibid. Ecommerce revenue93 revenue per user95 users94 [95] Statista, ibid.

[96] Statista, ibid.

[97] Global Connected Commerce Report 2016, Nielsen: 64% 23.26% (2015-16) 7.5% (2018-23) Link Percentage of Projected ecommerce [98] World Bank: Link population making Ecommerce growth revenue compound 98 97 rate online purchases annual growth rate [99] Statista, ibid. (CAGR)99 [100] Statista, ibid.

Fashion 32% Major ecommerce Electronics & media 24% categories (percentage Toys, hobby & DIY 21% of total revenue):100 Furniture & appliances 14% Food & personal care 9%

European Country Profile eBook | 22 Russia

Popular Payment Methods

Sources: Consumer Cash 77% Technographics Global Online Debit or ATM card 76% Benchmark Survey (Part 1), 2019 Yandex Money 37% Credit card 30% © 2019 Forrester Research, Inc. PayPal 26% All of Forrester’s Technographics Visa QIWI Wallet 22% data is confidential and for Bank transfer 20% internal use only. Any external Merchant gift card 15% distribution is strictly prohibited. MasterPass by MasterCard 13%

Pre-paid debit card 9%

Direct debit from checking/chequing account 8% Cash on delivery (COD) 7% Alipay 6% Google Pay 6% Visa Checkout 6% Apple Pay 4% Samsung Pay 3% None of these 1% Bitcoin 1%

European Country Profile eBook | 23 Spain

Spain is the sixth largest economy in Europe, with nominal crisis of 2012-13, as a result of which unemployment rose GDP totalling $1.426 trillion in 2018.101 Between 1975 and 1982 to 26% and, six years on, is still very high at 15.5%.102 Spain Spain transitioned from a military dictatorship to a liberal is the world’s third-largest tourist destination, and its top [101] World Bank: Link democracy. It joined the European Economic Community exports are pharmaceuticals, automobiles and citrus fruits.103 [102] World Bank: Link (now the European Union) in 1986 and adopted the Euro Most of its exports go to other EU countries, notably France, in 1999. Spain suffered a severe downturn in the Eurozone Germany and Italy. [103] World Atlas: Link [104] World Bank: Link

[105] World Bank: Link

Key Statistics At A Glance [106] International Telecommunications Union: Link

[107] Spotlight, World Bank: Link Population: 86.11% 94% [108] World Bank: Link of Spain’s population of population have bank 46.723 106 million (2018)104 use the internet (2019) accounts (men 92%, [109] World Bank: Link women 96%)108 GDP per capita 94% 54% of adults have a mobile of the population use $30,524 107 109 (2018)105 phone credit cards

European Country Profile eBook | 24 Spain

Ecommerce Trends

$17,999m 34.6m (74.1% of $519.99 [110] Statista: Link population) Ecommerce Average Ecommerce [111] Statista, ibid. Ecommerce revenue110 revenue per user112 users111 [112] Statista, ibid.

[113] Statista, ibid.

[114] Global Connected Commerce Report 2016, Nielsen: Link (2015-16) 10.4% (2018-23) 5% 63% 6.67% [115] World Bank: Link Cross-border Percentage of Projected ecommerce purchases population making Ecommerce growth revenue compound 115 [116] Statista, ibid. (percentage of online purchases114 rate annual growth rate 113 116 total) (CAGR) [117] Statista, ibid.

Electronics & media 30% Major ecommerce Fashion 28% categories (percentage Toys, hobby & DIY 17% of total revenue):117 Food & personal care 13% Furniture & appliances 12%

European Country Profile eBook | 25 Spain

Popular Payment Methods

Sources: Consumer Cash 63% Technographics Global Online Credit card 58% Benchmark Survey (Part 1), 2019 PayPal 56% Debit or ATM card 49% © 2019 Forrester Research, Inc. Bank transfer 24% All of Forrester’s Technographics Direct debit from checking/chequing account 19% data is confidential and for Merchant gift card 18% internal use only. Any external Pre-paid debit card 16% distribution is strictly prohibited. Cash on delivery (COD) 10%

MasterPass by MasterCard 8%

Amazon Pay 7% Visa Checkout 6% BBVA Wallet 5% Apple Pay 4% Google Pay 4% Samsung Pay 2% None of these 1% Bitcoin 1% PaySafeCard 1%

European Country Profile eBook | 26 Sweden

With nominal GDP of of $551 billion, Sweden is the biggest manufacture are also important.118 Sweden’s generous of the Nordic economies and the 11th largest in Europe. It welfare is supported by higher levels of tax than joined the European Union in 1995, but has not yet adopted the average for European countries. Sweden is close to [118] World Atlas: Link the Euro. Sweden has an export-oriented manufacturing-led becoming a cashless economy: in 2018, a survey by the [119] Riksbank: Link economy of which engineering output forms approximately country’s central bank found that only 13% of adults used half; telecommunications, pharmaceuticals and automobile cash for purchases.119 [120] World Bank: Link [121] World Bank: Link

[122] International Key Statistics At A Glance Telecommunications Union: Link [123] Spotlight, World Bank: Link

[124] World Bank: Link Population: 92.14% 100% [125] World Bank: Link of Sweden’s population of population have bank 10.183 122 124 million (2018)120 use the internet (2019) accounts GDP per capita 94% 45% of adults have a mobile of the population use $54,112 123 125 (2018)121 phone credit cards

European Country Profile eBook | 27 Sweden

Ecommerce Trends

$10,286m 8.1m (80.7% of $1,269.35 [126] Statista: Link population) Ecommerce Average Ecommerce [127] Statista, ibid. Ecommerce revenue126 revenue per user128 users127 [128] Statista, ibid.

[129] Statista, ibid.

[131] Statista, ibid.

[132] Statista, ibid. 3% 16.22% (2015-16) 6.8% (2018-23) Cross-border Projected ecommerce purchases Ecommerce growth revenue compound 130 (percentage of total)129 rate annual growth rate (CAGR)131

Electronics & media 31% Major ecommerce Fashion 26% categories (percentage Toys, hobby & DIY 16% of total revenue):132 Food & personal care 15% Furniture & appliances 12%

European Country Profile eBook | 28 Sweden

Popular Payment Methods

Sources: Consumer Technographics Global Online Debit or ATM card 72% Benchmark Survey (Part 1), 2019 Klarna 62% Swish 52% © 2019 Forrester Research, Inc. Cash 49% All of Forrester’s Technographics Bank transfer 40% data is confidential and for Credit card 37% internal use only. Any external PayPal 35% distribution is strictly prohibited. Merchant gift card 32%

MasterPass by MasterCard 13%

Cash on delivery (COD) 6% Pre-paid debit card 6% Visa Checkout 6% None of these 2% Apple Pay 2% PaySafeCard 2% Bitcoin 1% Samsung Pay 1%

European Country Profile eBook | 29 United Kingdom

The United Kingdom of , , and currencies. The U.K. is a global financial hub and has mature (U.K.) is the second largest economy in ecommerce and payments industries: manufacturing, Europe and the fifth largest in the world, with nominal aerospace, construction, oil & gas production and tourism [133] World Bank: Link GDP of $2.8 trillion in 2018.133 It is a member of the Group are also important.134 In 2016, the U.K. voted to leave the [134] World Atlas: Link of 7 (G7) advanced nations, a major military power and European Union; it was scheduled to leave at the end of one of only five countries to have a permanent seat on 2019, but the date was delayed until the end of [135] World Bank: Link the Security Council. The U.K. joined the October 2019 to allow time to reach agreement with the [136] World Bank: Link

European Union in 1972, but has not adopted the Euro: its EU on the terms of exit. [137] International currency, the pound, is one of the world’s major reserve Telecommunications Union: Link Key Statistics At A Glance [138] Spotlight, World Bank: Link [139] World Bank: Link

[140] World Bank: Link Population: 94.9% 96% of Sweden’s population of population have bank 66.489 137 139 million (2018)135 use the internet (2019) accounts GDP per capita 95% 65% of adults have a mobile of the population use $42,491 138 140 (2018)136 phone credit cards

European Country Profile eBook | 30 United Kingdom

Ecommerce Trends

$78,903m 59.5m (88.1% of $1,325.5 [141] Statista: Link population) Ecommerce Average Ecommerce [142] Statista, ibid. Ecommerce revenue141 revenue per user143 users142 [143] Statista, ibid.

[144] Statista, ibid.

[145] Global Connected Commerce Report 2016, Nielsen: 4% 52% 13.63% (2015-16) 5.9% (2018-23) Link Cross-border Percentage of Projected ecommerce [146] World Bank: Link purchases population making Ecommerce growth revenue compound 146 145 rate (percentage of online purchases annual growth rate [147] Statista, ibid. total)144 (CAGR)147 [148] Statista, ibid.

Fashion 30% Major ecommerce Toys, hobby & DIY 19% categories (percentage Electronics & media 19% of total revenue):148 Furniture & appliances 15% Food & personal care 5%

European Country Profile eBook | 31 United Kingdom

Popular Payment Methods

Debit or ATM card 71% Sources: Consumer Technographics Global Online Cash 69% Benchmark Survey (Part 1), 2019 Credit card 58%

PayPal 58% Direct debit from checking/chequing account 38% © 2019 Forrester Research, Inc. Bank transfer 20% All of Forrester’s Technographics Visa Checkout 18% data is confidential and for Check/cheque 12% internal use only. Any external Merchant gift card 10% distribution is strictly prohibited. Apple Pay 9% Pre-paid debit card 6% Amazon Pay 6% Cash on delivery (COD) 5% Google Pay 5% MasterPass by MasterCard 5% None of these 1% Bitcoin 1% Klarna 1% PaySafeCard 1% Samsung Pay 1%

European Country Profile eBook | 32 rapyd.net