The macro-economic situation in Europe has been highly volatile and trending down in the UK, Germany and Italy, says John Donahoe, eBay’s chief executive. However, over the last 12-24 months e-commerce growth rates have held steady.
Donahoe relates this steady online growth to consumers shopping online to find the best deal possible. However, the main reasons stems from PayPal.
“One of the reasons we have such a strong business in PayPal in Europe is that even inside the eurozone, cross-border transactions are complicated because the banking systems differ so much [from country to country]. Frankly, card usage also differs significantly across Europe,” he said. (internetretailer).
The Centre for Retail Research shows that E-commerce is the fastest growing market in Europe. Research conducted by CRR and commissioned by Kelkoo shows that online sales in the UK totaled £50.34 billion, which amounts to 12.0% of UK retail trade. In comparison, onlines sales made in Europe made in 2008 totaled £101,840 million.
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