The U.K. is outpacing every other country when it comes to the eCommerce game, at least that is what Eric Schmidt, the executive chairman of Google parent company Alphabet, told BBC Radio 4’s Today program this week.
Schmidt declared the U.K. as the world leader in eCommerce and noted that it is far ahead of the U.S., BBC News reported on Wednesday (Dec. 30).
“Britain has every aspect to build billion pound, ten billion pound, hundred billion pound companies,” he explained. “You have the right regulatory environment. You’ve got the right role within [the European] continent. [Just] look at the eCommerce plays and service plays that are now happening in London.”
BBC News noted that during the interview Schmidt said he could not see a reason why a hundred billion pound tech startup couldn’t successfully launch in Britain. He also pointed to the trend of U.K. entrepreneurs being able to sell up earlier than those in the U.S.
Earlier this year, the U.K. Cards Association found that with online card usage doubling, consumer spending in the U.K. is shifting gears to become more online-centric.
The shift comes with declining in-store spending, which stood at £31.1 billion ($46.1 billion) in January. At the same time, online card spending rose to 30 percent, equating to £15.4 billion ($22.8 billion) spent using cards by customers in the U.K., according to data published by the U.K. Cards Association.
The total online card transactions equated to 12.3 percent, or 118 million, of the 1,054 million card payments in the U.K. The data also revealed a consumer tendency to spend as much as twice when shopping online, with the average online transaction value standing at £96.10 ($142.47), whereas an average customer only spent £46.53 ($68.98) in a traditional brick-and-mortar store.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More