30/04/2019

Belgium’s eCommerce Market Raked in €10.67 billion in 2018

Ecommerce in Belgium garnered up to 10.67 billion euros in 2018 to record a 6 percent uptick compared to the figures for 2017. Online shopping has earned popularity in the nation that apart from spending more online last year, reports say Belgian shoppers visited ecommerce platforms more frequently in 2018— with the average shopper buying items online over 11 times.

According to BeCommerce (Belgium’s association for online businesses), in 2017, the average number of web-based purchases for every Belgian consumer was 10.3. The studies also showed that Online shoppers in the countries in Western Europe purchase items like toys, apparel, and electronics online.

What online product categories are booming in Belgium?

•    Toys recorded an 11 percent growth in its ecommerce market share increase in 2018.

•    Media & Entertainment, Sports, telecom, and ‘clothing’ all went up 3 percentage points over the same span.

Analysts: Belgium will flourish to match the Netherlands

Belgium’s ecommerce growth rate is slowing down somehow, but the online retail industry will keep expanding, BeCommerce Chairman Sofie Geeroms says. “Looking at our situation, we are still behind compared to our bordering countries. However, Belgian companies like Schoenen Torfs and Standaard Boekhandel are making thorough investments. We expect to grow to the equal of, let’s say, the Netherlands”, said the CEO.

Bancontact & credit card are Belgium’s favorite payment avenues

BeCommerce also reported the most common payment methods Belgians used to pay for products online:

•    Bancontact

•    Credit card

Bancontact is so far the most used online payment means in Belgium. An entire 68{0d47f428dc419e1f352b6c1d97ff73b5628ee438b8c7e1c08728559ce86ee24c} of all ecommerce purchases were made through Bancontact, and 30 percent of the money spent buying items online for these purchases were made using this choice.

Credit card was Belgium’s second-favorite means of payment. Belgians use this option for high-value purchases. Last year, it made up for 42 percent of the money spent online.

Wrapping up

Belgium is another excellent example of the fast-paced shift towards online shopping. People are increasingly adopting the trend of getting whatever goods they need on the go. Merchants should now streamline the buying (and paying) process and reduce friction to generate more income and give shoppers what they want— a smooth buying process all the way from Product Search to Product Delivery stage.

Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the cheapest merchant services in the industry has helped thousands of business owners save money and time.