Sweden’s Ecommerce Market Is Worth $18 Billion (€16.8 Billion) And Growing Steadily
With high English-language fluency, ecommerce merchants worldwide can swiftly adapt sites for this market and communicate easily with shoppers. As for which channel consumers use, 30% of Swedes shop via computer or tablet on a weekly basis, while 34% buy via mobile.
Swedes prioritize cards and digital payment methods, and the pandemic only accelerated Sweden’s move toward a cashless economy and new buying habits. For instance, Swedish consumers rarely bought food or groceries online or via mobile before the pandemic. However, this ecommerce category rose by 14% in 2020, mirroring overall ecommerce growth in Sweden.
KEY INSIGHTS
Mobile payments for the win: When asked about payment methods they had used to shop online recently, over one-half reported using PayPal, and 40% reported using Swedish mobile payment Swish.
72% of Swedes recently bought food on mobile, while more than half purchased electronics and media via desktop.
ABOUT THE STUDY
In March and April 2022 Rapyd conducted a research study to understand the financial habits, payment method choices, considerations and preferences of consumers in nine European countries. We surveyed 4,286 online consumers in Denmark, France, Germany, Iceland, Italy, the Netherlands, Sweden, Spain and the UK. Consumer respondents represent a full spectrum of household income levels from low to high across each country. Household Income questions were presented in locally relevant amounts and currencies. The survey was conducted online amongst household decision-makers over 18 years of age. To participate, the survey respondents must have made a purchase online in the last month.
WHAT ARE THE MOST POPULAR ONLINE PAYMENT METHODS IN SWEDEN?
Mobile wallets, debit cards and buy now pay later (BNPL) are popular payment methods in Sweden, with a large number of Swedes recently reporting using PayPal (51%), a debit card (50%), or Klarna (48%) for a recent online purchase. Almost one in six Swedish consumers choose either Klarna (17%) or Swish (17%) as their most preferred online payment method in Sweden, indicating consumers want digital wallet and BNPL options alongside traditional payment methods for ecommerce.
WHAT ARE THE MOST POPULAR PRODUCTS TO BUY ONLINE IN SWEDEN?
60% of Swedish respondents purchased fashion products online in recent months, followed by restaurants and food takeout (47%) and beauty products (45%). In terms of how they shopped, 72% of Swedes recently bought restaurant takeout on mobile, while more than half chose to purchase larger-ticket items like electronics (58%) via desktop.
WHAT ARE THE MOST POPULAR IN-STORE AND POS PAYMENT METHODS IN SWEDEN?
In store, debit and credit cards still rule the day, with 51% and 40% respectively of those surveyed using them for a recent in-store purchase. PayPal, cash and Swish, however, were also commonly used for recent purchases. 28% of respondents in Sweden chose debit as their first-choice payment method in-store, followed by credit card
at 18%.
SIMPLIFY PAYMENTS IN SWEDEN AND 100+ OTHER COUNTRIES
With Rapyd, your business can accept and send local and cross-border payments to just about anyone—faster, cheaper and easier using the methods and currencies they prefer.
Rapyd Can Help You:
- Accept payments and send payouts from one platform
- Expand cross-border card acquiring
- Quickly access new markets
- Stop wasting time integrating multiple payment gateways
- Navigate legal and compliance issues
Learn how Rapyd can help you save millions on transaction and FX fees while spending 70% less time managing payments.
