E-commerce in Belgium: state of play in 2023
Belgium is a country traditionally known for its rich history, culture and gastronomy. But in addition to 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 of e-commerce in Belgium.
Growth and adoption of e-commerce
E-commerce in Belgium has experienced unprecedented growth in recent years. By 2021, nearly two-thirds of the Belgian population reported buying products and services online, up significantly from just over half before the coronavirus outbreak. E-commerce sales revenues in Belgium also showed unprecedented results, crossing the €12 billion mark. Moreover, the Belgian e-commerce market is forecast to register a CAGR of 7.42% over the period from 2022 to 2027.
Online shopping behavior
Belgians are increasingly turning to online sellers to buy an ever-increasing range of products. From clothing and shoes to furniture and electronics, the digital world is gradually gaining more prominence in the Belgian retail landscape. By 2021, bol.com, the Dutch online marketplace, was the leading online store in Belgium, with some $850 million in e-commerce sales.
Social and live commerce
One of the latest trends transforming the retail sector is the use of social media platforms to buy and sell. In Belgium, the gross trade 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 shoppers, namely Gen Z'ers. Another innovative trend shaping the online shopping experience is live commerce, where products are advertised to shoppers via a live stream, with interactive visual content that promotes more 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 mode among Belgian customers. Moreover, a significant proportion of people in the country make online transactions via cell phones, indicating the acceptance and convenience of mobile-based payments. However, when it comes to paying a significant amount online, most customers in the country still prefer laptops and desktops for transactions.
In 2020, Internet users in Belgium made up 91.5% of the country's population, up from 90.3% in 2019 and 88.6% in 2018. In addition, 91% of households in Belgium had broadband access in 2020, up 3% from 2019.
The future of e-commerce in Belgium
As we look ahead, there is much potential for further growth and development of e-commerce in Belgium. In particular, the fashion industry is expected to lead the e-commerce market in Belgium. With media exposure, growing awareness and an increasing share of disposable income, consumers in the country are looking to access global fashion brands and their products.
In addition, competition in the Belgian e-commerce market has increased as customer acceptance of online sales channels has grown. Brands such as Amazon, eBay, Coolblue, Bol.com and many others are expanding their reach by offering customer-focused services that enhance customers' online shopping experience.
In summary, Belgium is experiencing an exciting time in terms of e-commerce growth and adoption. Although there are some challenges, such as adapting to new technologies and changing consumer preferences, the prospects for the future of e-commerce in Belgium are promising. With the right policies and support, Belgium can continue to capitalize on the opportunities presented by e-commerce while ensuring a sustainable and inclusive digital economy.
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