The UK’s ecommerce market is now the third-largest in the world following record-breaking sales figures throughout 2020.
Ecommerce in the UK is now expected to grow nearly 40 per cent over the next three years to be worth £264 billion by 2024, according to the latest data from WorldPay.
WorldPay’s Global Payments Report revealed that ecommerce sales hit £192 billion in 2020, rising 13 per cent compared to 2019.
This stark rise in online sales, set to represent 20 per cent of all UK purchases by 2024, also sparked a dramatic shift in shopping habits throughout the year.
Digital wallets became the most popular form of payment for UK shoppers last year representing 32 per cent of all payments, overtaking both debit and credit cards and reaching such a milestone three years ahead of schedule.
Furthermore “buy now, pay later” schemes continued their meteoric rise, becoming the fastest growing online payment method for the second year running, a trend which is expected to continue for the next four years.
“‘Buy now, pay later’ services continue to appeal to consumers thirst for seamless user experiences,” Worldpay’s EMEA general manager Peter Wickes said.
“The payments landscape is evolving at pace to respond to consumers’ drive for convenience and the ability to have more flexibility in their purchasing decisions. We predict that the BNPL sector will not slow down – with the UK market seeing double digit expansion over the next few years.
“As this happens, it’s important that the frameworks that govern and protect consumers and merchants also adapt to ensure that there continues to be trust and reliability in payments technology.”