From where do Europeans shop internationally?
When it comes to shopping online, Europeans* certainly aren’t shy. In fact, about 17% of Germans buy something online every week, and about 95% have bought something online in the past year, according to our research.
So what are Europeans buying? For the most part, they purchase goods in categories like Food & Beverage, Apparel & Accessories, Travel & Hotel and Entertainment Tickets.
What’s especially interesting to note is which countries Europeans shop from internationally. In all countries surveyed,* the leading country where goods were purchased from online was China. China was followed closely by the UK, Germany and the USA. In Sweden, for example, 30% of consumers who had shopped online internationally in the past year purchased something from the UK and 23% purchased something from Germany.
If you consider these insights from a payments perspective, it’s evident that even in a market like the UK, where preference for online bank payments isn’t terribly high, it’s important to offer the option to pay with online bank payments. Because of the high cross-border e-commerce from high-preference markets like Sweden and the Netherlands, merchants that don’t offer the option to pay directly from the bank could lose out on sales.
On top of that, many Europeans agree that they’d be even more likely to shop from international websites if they didn’t have to give out credit or debit card numbers to unknown foreign merchants, if their preferred payment option was offered by more foreign sites, and if refunds were quicker and easier. Trustly remedies these concerns by not requiring customers to give out credit card info and by enabling instant refunds on the merchant side.
Interested in gleaning more insights about European online banking habits? Check out our State of Online Banking 2017 report.