Market Trends of Luxembourg E-Commerce Industry
This section covers the major market trends shaping the Luxembourg Ecommerce Market according to our research experts:
Increased adoption of Digital Solutions
- As Luxembourg moves towards digitalization, e-commerce will see a broader scope of expansion in the coming years. According to Eurostat, internet access was at 97.64 percent in December 2022. In a study covering 220 countries for the world's fastest internet, Luxembourg was found at 8th place, leaving France behind at 10th and Germany at 33rd.
- Launching new programs like the GovTech Lab, an initiative of the government, or the research project at the Luxembourg Institute of Science and Technology aimed at building a digital twin of the entire nation depends on Luxembourg's desire to be at the forefront of innovation. MeluXine, a business-focused high performance computer (HPC) from Luxembourg, is ranked 36th globally and 10th in Europe in terms of overall power. Its distinctive modular architecture was created to accommodate the different processing needs of businesses.
- The Luxembourg government wants to be one of the leaders in 5G so that its people can get the most out of the latest technology to improve their quality of life and help the economy.The country's new national broadband strategy emphasizes securing private investments for gigabit objectives for 2025 in the country.
- The Luxembourg government assisted in the establishment of the Luxembourg House of Financial Technology (LHoFT), a not-for-profit partnership between the public and private sectors, as part of a larger effort to increase the country's share of the worldwide fintech industry. The LHoFT offers a method for individuals in the financial sector to identify emerging technology, businesses, and solutions.
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Fashion Segment Accounts for Significant Share
- With digitalization, the Luxembourg fashion and footwear industry is catching up with demand. The Ministry for Consumer Protection has most recently supported the development of a study by Caritas on textile flows in Luxembourg.The study revealed that 12,26 kg of clothing and textiles are thrown away per person per year in the country, and this is because people are becoming more aware of the quality of the products they buy.
- Fairtrade, an NGO in Luxembourg, organized a fast-fashion escape game to reach new target audiences. It promotes the sustainable development of the textile industry. FairFashion Lab sells clothes made from Fairtrade organic cotton. Fairtrade cotton is more than 70% organic and uses between 50% and 90% less water.
- In July 2022, OCSiAl and CoatYarn will have created smart textile technology using graphene nanotubes. Electroconductive textile gloves that can be utilized by loading machine operators on touch screens are one of the end uses for this technology. Several electrostatically delicate industries, including healthcare, mining, and oil and gas, can significantly benefit from this approach.
