UK is the world’s second favourite place to shop online
In a report commissioned by Paypal by Neilsen into cross-border online shopping attitudes, behaviour and spend in major markets shows that the UK is the second most popular online shopping destination with consumers after the US. Cross-border trade accounts for roughly one quarter of PayPal’s total payment volume.
The report called Modern Spice Routes quizzed 6000 in Australia, Brazil, China, Germany, the UK and the US.
The top global destinations for cross-border online shoppers are:
1. United States (favoured by 45% of respondents)
2. United Kingdom (37%)
3. Mainland China (26%)
4. Hong Kong (25%)
5. Canada (18%)
6. Australia (16%)
7. Germany (14%)
According to the Modern Spice Routes report, cross-border online shopping will generate £10.3 billion for the UK in 2013 from consumers in the five overseas markets surveyed (Australia, Brazil, China, Germany and the US). This is forecast to reach £24.4 billion in the next five years, suggesting even greater opportunities exist for British businesses prepared to look beyond the domestic market for sales.
Cameron McLean, Managing Director, PayPal UK, said: “In a tough economy it’s great to see the positive effects that online exports are having for British business as a whole. It’s a testament to the pioneering role many UK retailers have played in enabling e-commerce early on, as well as the variety and quality of goods we produce that generates demand from around the world.