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Power Retail Sparks | Global E-Commerce News | 22.06.21
The preliminary Amazon Prime Day results are here, and e-commerce sales are going through the roof in Europe. Here is your weekly roundup of e-commerce news stories from around the globe.
Three-Quarters of Europeans Won’t Stop Online Shopping
Seventy-four percent of online shoppers in Europe will not be slowing down their online habits, a report from Checkout has shared. According to the report, the majority (86 percent) of European consumers shopped online during the pandemic, which is up from 60 percent the year before. Now, three out of four (74 percent) of European shoppers said they will not be changing their shopping habits, even after the pandemic. What’s more, European consumers are now expecting more payment options when they shop online. According to the report, 80 percent of shoppers say they want to pay using BNPL, crypto or digital wallets, with 30 percent saying they want to experiment with more payment platforms following the pandemic.
Online Sales Grow 25.8% in Switzerland
Switzerland is experiencing a boom in online retail, a report has shown. In the European country, e-commerce sales have increased by 25.8 percent throughout the last year. Now, e-commerce accounts for 14.2 percent of total retail sales, up from 11.5 percent the year before. The majority (45 percent) of consumers now expect online sales to continue growing, with 35 percent expecting sales to remain the same. Only 14 percent forecast a dip in online sales over the next 12 months.
PayPal Increases its Rates for US Merchants
US businesses that use PayPal can expect their rates to increase, the payment platform has shared. From August 2, 2021, PayPal Digital Payments will have a rate of 3.49 percent and 49 cents per transaction. This includes PayPal Checkout, Pay with Venmo, PayPal Credit, Pay in 4, PayPal Pay with Rewards, Checkout with crypto. Sellers will pay 2.59 percent and 49 cents for PayPal to process credit card payments, such as Visa and Mastercard – previously, PayPal charged 2.9 percent plus 30 cents for most online transactions, no matter the source.
According to PayPal, consumers are 60 percent more likely to convert with a retailer that offers PayPal than those who don’t. Moreover, consumers are ‘nearly three times’ more likely to complete a purchase when PayPal is offered in the checkout. PayPal currently has more than 392 million active accounts, with over 31 million global merchants. “We are changing prices to help our customers understand even more clearly where we provide value,” said San Leberman, the Senior VP for Small and Medium Business and Partners at PayPal. “The wallet is of tremendous value; the card processing is commoditised.”
Early Prime Day Results are Here
Amazon Prime Day is primed to smash a few records, the preliminary results have shared. In a report from Numerator, the AOV for Amazon Prime Day shoppers is $46.88, with 31 percent of households making more than two orders on Prime Day. This brings the average household spend to $73.75 – the typical Prime Day shopper is a high-income suburban female, aged anywhere from 35 to 44. According to the preliminary report, 56 percent of the items ordered on Prime Day were under $50, with 20 percent selling for over $100.