The UK’s e-commerce sector ranks third globally when comparing sales to national GDP.
According to BNPL platform Butter, The UK’s e-commerce retail sales total up to $180bn dollars, which equates to 6.7 per cent of the nation’s GDP of $2.7 trillion.
The world’s biggest e-commerce retail market is China, which generated $2.3 trillion through online retail in 2020. As China’s GDP is $14.7 trillion, this means that their e-commerce sector is comparable to 15.6 per cent of the overall GDP.
The nation to follow China is South Korea. In 2020 their e-commerce retail generated $111bn. This is equivalent to 6.8 per cent of the nation’s GDP of $1.6 trillion.
“E-commerce retail is booming and is set to become the default choice for shoppers across vast swathes of the world,” Butter CEO and Co-Founder Timothy Davis said.
He added: ”Its dominance is a result of the ease, affordability, and choice it offers over more traditional retail methods.”