The United Kingdom's e-commerce sector continues to be one with high growth, innovation, and dynamism. Cards transactions are the primary solution while entering the UK. Cards (Credit & Debit) remain the predominant payment method within the e-commerce space. The rate of growth in mobile trade also makes it difficult to overlook this segment: it is expected to outstrip growth in e-commerce overall in the UK. United Kingdom's e-commerce payment market is expected to be US$ 203.08 Billion by 2026, according to this analysis.
The UK is, without a doubt, a major e-commerce market, and one that continues to set trends for others to emulate, due to advanced technology and competitive payments market. This growth is driven by widespread and growing consumer acceptance of technology and smart devices. The United Kingdom now has more than 95% of households with mobile phones. Companies in the UK are looking to ease the payment method for the users. So that the users have no fear while doing a transaction on the internet and it also minimizes fraud transactions.
Digital wallets are catching up fast and are increasingly powered by e-commerce transactions. They are expanding at twice the pace of cards, driven in part because customers believe brands like PayPal offer durable protection. PayPal dominates digital wallet payments in the UK, thwarting attempts by rival Apple Pay to become a more significant player.
Impact of COVID-19 on United Kingdom Ecommerce Industry
COVID-19 pandemic had a profound impact on the e-Commerce payment market in the United Kingdom. The purchase of food & grocery items via online medium has shown good growth in the year 2020. As due to coronavirus, peoples were reluctant to leave their homes and have relied more on home delivery of items by online ordering.
This report titled “United Kingdom E-Commerce Payment Market & Forecast, by Category (Clothes & Sports Goods, Travel and Holiday Accommodation, Household Goods, Films and Music, Tickets for Events, Books/ Magazines/ Newspapers, Computer Software, Food/ Groceries, Electronic Equipments, Computer Hardware, Medicines, Others), Payment Method (Bank Transfer, Card, Digital Wallets, Cash, Direct Debit and Others), Digital Wallet ( Paypal, GooglePay, AmazonPay & SamsungPay), Bank (HSBC, Lloyds Banking Group, Barclays, Royal Bank of Scotland & Santander)” studies the United Kingdom e-commerce payment market. This report provides an all-encompassing analysis of the key growth drivers and restraining factors, demand, and their projections for the upcoming years.
By Category - The Report Studies the Market of the following 12 Categories:
1. Clothes & Sports Goods
2. Travel and Holiday Accommodation
3. Household Goods
4. Films and Music
5. Tickets for Events
6. Books/ Magazines/ Newspapers
7. Computer Software
8. Food/ Groceries
9. Electronic Equipment
10. Computer Hardware
11. Medicines
12. Others
By Payment Method - This report covers 5 types of E-commerce Payment Market in Germany
1. Bank Transfer
2. Card
3. Digital Wallets
4. Cash
5. Others
Key Players covered in the report which has been studied from 3 viewpoints
- Overview
- Initiatives & Recent Developments
- Revenue
Digital Wallet covered in this report
- PayPal
- Google Pay
- Amazon Pay
- Samsung Pay
Banks Covered in this report
- HSBC
- Lloyd Banking Group
- Barclays
- Royal Bank of Scotland
- Santander
Table of Contents
Companies Mentioned
- PayPal
- Google Pay
- Amazon Pay
- Samsung Pay
- HSBC
- Lloyds Banking Group
- Barclays
- Royal Bank of Scotland
- Santander
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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