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Germany Ecommerce Payment Market will be US$ 103 Billion by 2026 - Renub Research
German consumers are moving to digital payment, using a digital wallet, bank transfer and shopping through credit cards. More than 70 percent of consumers have shopped through online stores than the physical store in the last six months.
, March 26, 2021 ) According to the latest report by Renub Research, titled "Germany E-commerce Payment Market by Category (Food, Clothes, Travel, etc.) Payment Types (Bank Transfer, Card, Digital Wallets, Cash, Direct Debit, Open Invoice, Others), Company Analysis" Germany is Europe's second-most populous country after Russia and the world's fifth-largest eCommerce market. It is one of Europe's largest eCommerce markets after the UK and France. Consumers in Germany embrace digital payment strategies such as digital wallets, bank transfers, and credit card transactions. Last year, more than 70% of customers had shopped online rather than in a physical store. During this time, the eCommerce payment markets for hygiene products, pharmaceuticals, and groceries have expanded.
Germany eCommerce Payment Market
is expected to grow more than US$ 103 Billion by 2026 since there is a rise in the number of online shopper’s year on year.
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COVID-19's Effect on the German eCommerce Payment Market
Germany is primarily a cash based economy in Europe. Still, the coronavirus has changed German users' shopping habits, serving as a trigger for the digital payment industry. Most people have started to use digital payment and cash to prevent the spread of the virus. The country's tech-savvy citizens are switching from cash to digital wallet payment methods.
In Germany, smartphone use is increasingly growing, which may be another factor behind the increased use of e-wallet payment methods. Mobile shopping is becoming more popular, and instant payments are more convenient for today's consumers. When shopping online, most Germans choose to pay with Digital Wallets, Open Invoices, and Cards. Increased confidence among German users, due to advanced security measures and assurances from digital wallets, card issuers, and merchants, encourages German citizens to turn to digital payment instead of cash. Other growth drivers for the Germany eCommerce Payment Market include PayDirekt, AmazonPay, Giropay, and Paypal programs such as buy now pay later and 0% finance by these companies.
Open invoices have dominated the German online payment industry for the past ten years, accounting for 63% of all transactions. Furthermore, four out of ten Germans favour this method, making it difficult for more contemporary approaches to gain traction.
The merchant must supply the goods with an invoice for open invoices to be accurate. Consumers may try the goods for a certain amount of time and then either return them or pay for them within that period, usually 14 or 28 days. For German companies, incorporating ecommerce payments is now simpler than ever. For example, the German gaming site Solitaired uses Stripe as an off-the-shelf solution to integrate online payments for its premium solitaire games.
Follow the link for the full report with detailed TOC and list of figures and tables:
By Category: Films and Music, Computer Hardware, Travel and Holiday Accommodation, Household Goods, Medicines, Food/groceries, Computer Software, Clothes & Sports Goods, Electronic Equipments, Books/magazines/newspapers, Tickets for Events, and Others.
By Payment Method: Cash, Bank Transfer, Direct Debit, Open Invoice, Digital Wallets, Card, and Others.
By Company Analysis: Following companies are covered in this research report: PayDirekt, Paypal Holdings, Giropay, and AmazonPay Inc.
Industry Related Opportunity:
United Kingdom E-Commerce Payment Market:
China E-Commerce Payment Market:
United States Smart Home Market:
About the Company:
Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food & Beverages, Power & Energy,
Telecom & Internet
, Chemical, Logistics & Automotive, Consumer Goods & Retail, Building and Construction, & Agriculture. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.
Our core team is comprised of experienced people holding graduate, postgraduate and PhD degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science and many more. Our research helps to make business decisions: on strategy, organization, operations, technology, mergers & acquisitions etc. We support many blue chip companies by providing them with findings and perspectives across a wide range of markets. Our research reports offer a blend of information insight, analysis and forecasting that is essential in today's ultra-competitive markets.
Phone No: +1 678–302–0700 (USA) | +91–120–421–9822 (IND)
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