News

PYMNTS Daily Data Dive: The Brexit eCommerce Destruction Edition

Brexit and relocating workers

The good news today regarding the Brexit situation is that the news hasn’t gotten worse. The markets were looking a bit more bullish this morning as early gains in Europe pushed the U.S. markets toward clawing back some of the value that evaporated like water on a hot dish over the last few days.

The damage, however, has been profound — and it is still uncertain whether the break in the plunge today is a sign of turnaround now that everyone has calmed down a bit, or a temporary breather before the next big plunge. The damage has also been uneven, with some segments in line to get hit particularly hard. Segments like eCommerce.

What does it look like by the numbers?

£455 billion | (About $606 billion*) The amount spent by European consumers online on eCommerce sites.

£157 billion | (About $202 billion*) The amount U.K. consumers spent shopping online last year.  

£33.4 billion | (About $44 billion*) What the U.K. is projected to lose in eCommerce sales due to Brexit. 

34% | Britain’s projected share of all of European eCommerce in 2016.

10% | The portion of online sales within the U.K. that originate outside of the U.K.

* The value of the pound has been extremely volatile since the Brexit vote, therefore pounds to dollars conversion is something of a moving target.

——————————–

Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

Click to comment

TRENDING RIGHT NOW