E-commerce turnover in Sweden increased 17% in June, to SEK 14.6 billion (€1.3 billion), compared to the same period last year, according to the latest data from Svensk Handel, which represents the retail and wholesale trade in the country.
In July, e-commerce turnover amounted to SEK 11.8 billion (€1.03 billion), registering a decline of 1% compared to July 2023, data showed.
Per Ljungberg, head of innovation at Svensk Handel, stated, "Interest in e-commerce is still sky high. The percentage that makes their purchases online has, in recent months, been at levels that exceed what we saw during the pandemic. It shows that the potential is enormous for e-commerce in the future as well."
High Interest Rates
According to Ljungberg, the results for July do not come as a big surprise as household finances continue to feel the strain from high interest rates.
He added, "The Riksbank's upcoming interest rate announcement will be important.
"The government also has a responsibility here to live up to its promise to work for a recovery in household purchasing power."
Competition
Svensk Handel also noted that e-commerce players from third countries are gaining market share.
Ljungberg said, "Free competition must, of course, be protected, but when we see in black and white how companies such as Temu and Shein are allowed to act according to completely different rules than Swedish trading companies, it also becomes a threat to Sweden as a trading country."
The association urged Swedish politicians, at both the EU and national level, to act on this issue.
The global e-commerce industry will be worth more than $4 trillion (€3.68 trillion) this year, according to a recent study. However, its growth rate is set to slow in the years to come.
