How COVID-19 Is Bringing eCommerce Dominance in the UK

The global eCommerce market is envisaged to account for US$ 6.07 trillion in 2024, with a CAGR of 11.34% growth between 2020 and 2024. Covid-19 has served as a testing time for the British retail, and it’s uncertain what the future will bring for the high street. If you’d like to know the strongest trends shifting the UK’s focus on eCommerce and find exceptional merchant account providers UK, read below.

The Shift Towards eCommerce Globally & in the UK

According to the Office of National Statistics, the UK has witnessed a 5.1% drop in retail sales, which represents the worst single monthly drop throughout the history.

The Financial Times reports that UK clothing retailers, namely Debenhams, and Oasis, have entered administration. Lots of other retailers in the field are anticipating more financial hardships after the lockdown as compared to what they had during it.

On the other hand, online retailers and eCommerce platforms have had an unprecedented increase in sales, and that’s with good reason. COVID-19 made consumers change their shopping habits by pushing them towards the online space.

eCommerce Dominance Trends & Merchant Account Providers UK

The move towards internet shopping has resulted in incredible opportunities for eCommerce retailers. The same is also true of logistics- and delivery-services providers.

With all this in mind, it’s more critical than ever to use the best merchant services to navigate these challenging times and have a better potential for growth. Luckily, there’re respectable merchant-processor comparison specialists in the country that can help you with the best merchant account providers UK.

Let’s go through some important factors bringing eCommerce dominance in the UK:

• British consumers’ habits are changing. The youth has been adopting eCommerce- shopping channels fast, which can’t be said about the older demographic. Currently, the adoption rate among the elderly is higher by 15% as compared to the same period in 2019.

• Underlying technology on which eCommerce relies is playing a huge role as well. Uncertain times make modern retailers rely on online data more often: after all, it’s gathered more frequently in real time.

So, it’s quite logical that the dependency on online delivery systems was going to result in a shift towards eCommerce. Now, it’s more vital than ever to work with true payment experts that can help you move forward successfully.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you with merchant account providers UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.