Market Size of Belgium E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.42 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Belgium E-Commerce Market Analysis
The Belgium E-commerce market is anticipated to register a CAGR of 7.42% over the forecast period from 2022 to 2027. There has been a significant increase in the adoption of digital commerce recently as internet penetration has increased in the country. Further, companies such as Amazon expanding its services in the country have fueled the adoption of e-commerce.
- The International Trade Administration stated that, in 2020, there had been an increase in online purchases by 7.5%, with a turnover of USD 10.4 billion in Belgium. Further, Flanders, Wallonia, and Brussels have developed procedures to promote the business as they offer incentives such as grants and tax cuts for e-commerce.
- In Belgium, the E-commerce sector is regulated by common commercial law. In May 2021, Belgium announced alignment with the EU e-commerce VAT package. As a result, all the B2C sales had to be charged VAT on a distance selling basis, which also affected the imports e-commerce rules in the region. Further, the government plans to consider a roll-out of Digital Service tac (DST) of 3% on e-commerce.
- The increase in e-commerce in the region has been influenced by early internet adoption and early internet infrastructure development. Also, with the pandemic's emergence, the region's e-commerce market has witnessed enormous growth as the lockdowns and Covid restrictions have forced the shoppers to adapt to online retail and shopping.
- During the COVID-19 pandemic, card payments became Belgium customers' most preferred payment mode. Moreover, a significant portion of people in the country makes online transactions through mobile phones, indicating the acceptance and comfort of using mobile-based payments. However, when it comes to preference for paying a significant amount of money online, most of the customers in the country still opt for laptops and desktops for transactions.
