The e-commerce market in the United Kingdom is now the third-largest in the world following record-breaking sales figures throughout 2020, according to the latest data from payment processing company WorldPay that revealed e-commerce in the country is now expected to grow by nearly 40 per cent over the next three years to be worth £264 billion by 2024.
WorldPay’s Global Payments Report revealed that e-commerce sales hit £192 billion in 2020, rising 13 per cent compared to 2019.The e-commerce market in the United Kingdom is now the third-largest in the world following record-breaking sales figures throughout 2020, according to the latest data from payment processing company WorldPay that revealed e-commerce in the country is now expected to grow by nearly 40 per cent over the next three years to be worth £264 billion by 2024. #
This rise, set to represent 20 per cent of all UK purchases by 2024, also sparked a dramatic shift in shopping habits throughout the year, according to British media reports.
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.
Fibre2Fashion News Desk (DS)
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