Online Grocery Sales Growing in the UK & US
The online grocery industry has been significantly growing in recent years both in the UK and US. The growth accelerated due to COVID-19. This article is about the growing popularity of the industry in the UK and US. Also, it’s about the help you can get from PinwheelPay in terms of reliable and affordable merchant services.
PinwheelPay & Online Grocery Sales in the UK
The global online grocery market is expected to account for US$ 663.33 billion in 2024. The growth will be at a CAGR of 25.02% during 2020 – 2024.
The market research firm IBISWorld reports that online grocery sales are anticipated to continue to be higher this year. The sales growth is conditioned by social distancing measures and the fact that consumers started purchasing goods over the internet.
The Office for National Statistics reports that online sales as a percentage of total retail sales reached 32.8% in May 2020. In July this year, they fell to 28.1%. According to Kantar, there was a 77% YoY rise in online grocery sales in September.
What do the numbers show concerning your own business? Are you able to stay afloat? Maybe you’re searching for payment processing services, aren’t you? You can get fast and hassle-free access to these services if you apply to a reputable payments company like Pinwheel Pay. Only with a true payment specialist, you can be sure to enjoy secure, advanced and cheap merchant services in your field.
Online Grocery Sales in the US
In the US, these sales are expected to increase by 53% this year, thus reaching $89.22 billion, according to the research company eMarketer Inc. That’s a 53% rise as compared to 2019. The overall online grocery sales in the US made up $8.1 billion during November, as the Brick Meets Click/Mercatus Grocery Shopping Survey revealed.
During the same month, grocery delivery and pickup services witnessed $5.9 billion in sales. This made up 73% of the total $8.1 billion in online spending. Statista reports that the online grocery market in the US was projected to witness 28.68 billion US dollars in sales last year. By 2023, the sales are foreseen to account for 59.5 billion US dollars.
To sum up, online grocery sales revenue is forecast to expand over the upcoming 5 years. Online grocery shopping is going to gain more popularity as it offers increased convenience and safety for people making purchases from home.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.