PayPal: European E-Commerce Index 2022

PayPal has released its '2022 European E-Commerce Index', exploring the relationship that Brits will have with online shopping and payments in 2022. Based on research of more than 2,000 consumers, the report revealed that the average Brit spends £348 online per month, with 27% spending £500 or more per month on goods and services purchased online.

72% of people shop online every week, an average of four times a week, and 12% shop online every day.

Social e-commerce: the new retail gold rush

Smartphones have become part of our daily lives. Research shows that social commerce is becoming increasingly popular among consumers, with 82% of consumers making online purchases or payments via smartphones and 43% making purchases through social media platforms.

Social media can be a great resource for generating sales. One in six consumers (18%) make a purchase via social media every week, and social shoppers spend an average of £104 per month on social media.

The power of the payment process

While the report reveals consumers’ propensity to spend online, it also demonstrates how easy it is to lose customers: 60% of consumers abandon a purchase at checkout, mainly due to the payment process taking too long (24%), security issues (24%), and the site not offering their preferred payment method (22%).

Cross-border shopping is attractive

International shoppers cite better prices (35%) and products that can’t be found locally (31%) as the main reasons for shopping across borders.

Research shows that 62% of people today shop internationally, and 21% of online shoppers purchase products from foreign retailers.

Enter the Metaverse: A New Paradigm for Digital Shopping

PayPal’s e-commerce index also explored consumer attitudes toward emerging technologies. Nearly a quarter of respondents (24%) are already involved in the Metaverse, and another 24% are considering doing so.