Nordic e-commerce Market: Market research by Knowledge Sourcing Intelligence
The Nordic e-commerce market is projected to witness a CAGR of 7.82% during the forecast period, to reach US$XX.XX billion in 2023 from US$XX.XX billion in 2017. This growth is attributed to the movement of people towards online shopping as per their convenience, time and flexibility. In addition, increasing penetration of smartphones coupled with the availability of the internet and the availability of numerous mobile applications for different e-commerce business owners is one of the primary factors to propel the market growth opportunities. In addition, as per the OECD, the Nordic region is considered as one of those regions having a considerably high average internet speed in comparison with the other regions, which further provides the impetus for the adoption of e-commerce solutions. Simultaneously, increasing demand for consumer electronics coupled with additional benefits given by the e-commerce businesses is anticipating the customers to move towards online shopping. However, the perception of people towards online shopping is expected to be a restraining factor for the growth of e-commerce market owing to the fact there are many customers who believe to make purchases physically rather than virtually seeing the product.
The availability of faster internet in the Nordic region is one of the drivers to anticipate the growth for e-commerce market throughout the region. The countries in this region have easy access to high-speed internet as compared to the others. Moreover, steady improvement in internet penetration even in the remote locations of the region is further providing the revenue generation opportunity for the e-commerce companies. Simultaneously, the rising penetration of high speed fixed broadband connections by the households enables them to make purchases online at their convenience. For instance, the fixed broadband connections per 100 households in Denmark increased from 38.05 in 2010 to 42.44 in 2016 (Source: Organization for Economic Co-operation and Development). Furthermore, the availability of mobile-friendly applications for online purchases and a rapid rise in using smartphones and tablets enables business owners to connect with more customers.
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| Sample View of Nordic e-commerce Market Forecast, US$ Billion, 2017 To 2023 |
Nordic e-commerce market by Countries:
The Sweden e-commerce market is projected to grow from US$XX billion in 2017 to US$XX billion in 2023, at a CAGR of XX% during the forecast period. Presence of good network and communication services in the country is leading to an increased level of internet availability to the people, thus resulting in burgeoning internet penetration rate. According to OECD Data, mobile broadband subscriptions has increased from 78.1 per 100 inhabitants in 2014 to 97 per 100 inhabitants in 2018. Easy accessibility of the internet and rising propensity towards online-shopping are the major driving factor that is boosting the e-commerce market growth.
By countries, the Nordic e-commerce market is segmented as Norway, Sweden, Denmark, and Others. Other countries include Finland, Iceland, and etc. The e-commerce industry in the Nordics is growing at a substantial rate on account of high internet penetration rate, well-built network infrastructure, and motivated e-commerce players. Consumers in the Nordic region have a high propensity towards shopping from countries such as China, the United Kingdom, Germany and etc. which is having a positive impact on the e-commerce market growth. This is attracting a number of foreign players in the region to expand their customer base. Sweden holds a significant share in the market and is expected to grow at a good rate owing to the growing trend of online purchase in the country and presence of a good number of e-commerce startups investing in the expansion of their e-commerce business at both local and global level. The market research provides a detailed analysis of nordic e-commerce market on the basis of the various segment like- by country, by industry, by mode, etc.
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| Sample View of Nordic e-commerce Market Share by Geography |
Nordic e-commerce market by Industry:
The Nordic e-commerce market for the fashion industry is estimated to grow at a CAGR of XX% to reach a market size of US$XX billion in 2023 from US$XX billion in 2017. The Scandinavians which include citizens of Sweden, Norway, Finland, and Denmark spend a significant proportion of their income on fashion which includes clothing and footwear owing to the high living standards, and thus, is driving the revenue generation opportunity for the e-commerce market. In addition, a high-level of e-commerce maturity, high internet penetration, a well-developed infrastructure, and motivated e-commerce market players are other drivers driving the market growth during the forecast period.
By industry, the Nordic e-commerce market has been segmented as consumer electronics, fashion, home care, education, and others. Others include wellness, sporting goods, and entertainment industry. E-commerce in the Nordic countries is growing at a fast pace with the evolving new purchasing processes and consumer behavior. Efficient use of mobile phones for purchasing products online is also driving the e-commerce market in Nordic countries as this gives freedom to shop anytime, and thus, provides convenience. The affluent population of the population living in the Nordic countries spends mostly on the clothing and footwear followed by entertainment and home electronics owing to the high living standards, highest internet penetration in Europe, and a high disposable income. Therefore, the fashion industry is expected to hold a significant market share during the forecast period followed by home care, consumer electronics, others, and education.
nordic e-commerce market size
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nordic e-commerce industry trends
Thus, the market is expected to grow at a good rate on account of growing online purchase and foreign companies expanding their presence to leverage the growth opportunities in the e-commerce industry.
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