Although geographically small, Europe It is one of the most important economic centers in the world.
Historically known for its strong manufacturing industries, for example automotive, chemical or electronics, among others, the continent has also become a driving force in the global digital economy.
E-commerce has become a key economic sector in most European countries, with around 523 million active customers in 2022.
Lots of potential to explore in smaller economies like Portugal
Although major European economies such as Norway, the United Kingdom, Germany or the Netherlands already have e-commerce penetration rates of around 80% or more, there is still a lot of potential to be explored in the smaller economies of the south and east, like Greece, Portugal or Poland.
On average, the 62% of consumers in Europe used online shopping channels in 2022. But what about the size of the e-commerce market in Europe in terms of revenue?
The e-CommerceDB trend report “Ecommerce in Europe” has the numbers:
In 2022, Europe generated total e-commerce revenues of USD 634 billion, and 2022 was one of the darkest years for European e-commerce: after the boom years of the pandemic, e-commerce revenues in Europe fell -7 % of total $684 billion in 2021.
Still, if Europe were a country, it would be the third largest in the world in terms of e-commerce revenue. Only China and the United States currently produce more. And the trend of European e-commerce is already pointing strongly upwards again.
For 2023, a more than solid forecast of more than 30% per year is expected. For the years up to 2026, further growth is expected, resulting in a total e-commerce market volume of more than $1.1 trillion by 2026. This development corresponds to a 12% CAGR among the years 2022 and 2026.
