E-commerce in Belgium: state of affairs in 2023
Belgium is traditionally known for its rich history, culture, and gastronomy. However, beyond its famous chocolate, beer, and waffles, Belgium is also a fast-growing player in the world of e-commerce. In this blog post, we will explore the current trends, statistics, and developments in Belgian e-commerce.
E-commerce growth and adoption
E-commerce in Belgium has experienced unprecedented growth in recent years. In 2021, almost two-thirds of the Belgian population reported purchasing products and services online, a significant increase compared to just over half before the coronavirus outbreak. E-commerce sales revenues in Belgium have also shown unprecedented results, exceeding the 12 billion euro mark. Furthermore, the Belgian e-commerce market is predicted to register a CAGR of 7.42% over the period from 2022 to 2027.
Online shopping behavior
Belgians are increasingly turning to online retailers to purchase a growing range of products. From clothing and shoes to furniture and electronics, the digital world is gradually gaining a more prominent place in the Belgian retail landscape. In 2021, bol.com, the Dutch online marketplace, was the leading online store in Belgium, with approximately $850 million in e-commerce sales.
Social and live commerce
One of the newest trends transforming the retail sector is the use of social media platforms for buying and selling. In Belgium, the gross merchandise value of social commerce exceeded $800 million in 2022, a figure expected to triple by 2028. Facebook appears to be the leading social shopping platform for most generational cohorts, especially among older consumers. In contrast, Instagram was most popular among the youngest buyers, namely Gen Z. Another innovative trend shaping the online shopping experience is live commerce, where products are advertised to shoppers via livestream, with interactive visual content that promotes greater customer engagement with the product. For more than 40 percent of Belgian e-shoppers surveyed in 2022, inspiration and ideas were the main benefits of participating in a live shopping experience.
Payment preferences and internet penetration
During the COVID-19 pandemic, card payments became the most preferred payment method for Belgian customers. Furthermore, a significant portion of the population makes online transactions via mobile phones, indicating the acceptance and convenience of mobile-based payments. However, when it comes to paying a substantial amount online, most customers in the country still prefer using laptops and desktops for transactions.
In 2020, internet users in Belgium represented 91.5% of the country's population, an increase from 90.3% in 2019 and 88.6% in 2018. Additionally, 91% of households in Belgium had access to broadband in 2020, a 3% increase compared to 2019.
The future of e-commerce in Belgium
Looking ahead, there's significant potential for further growth and development of e-commerce in Belgium. The fashion industry, in particular, is expected to lead the e-commerce market in Belgium. Driven by media exposure, growing awareness, and an increasing share of disposable income, consumers in the country are eager to access global fashion brands and their products.
Additionally, competition in the Belgian e-commerce market has increased as customers have become more accepting of online sales channels. Brands like Amazon, eBay, Coolblue, Bol.com, and many others are expanding their reach by offering customer-centric services that enhance the online shopping experience.
In summary, Belgium is experiencing an exciting period in terms of e-commerce growth and adoption. While there are some challenges, such as adapting to new technologies and changing consumer preferences, the outlook for the future of e-commerce in Belgium is promising. With the right policies and support, Belgium can continue to leverage the opportunities that e-commerce offers, while ensuring a sustainable and inclusive digital economy.
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