This is a guest post from Fyndiq, a Linn Academy 2017 sponsor.
The Swedish eCommerce market is an often overlooked opportunity for sellers wanting to expand their business across borders. With this in mind, we have summarised some of the key characteristics of this market to help you identify the possibilities and opportunities of selling into Sweden.
Cross Border Shopping
Sweden is one of the most digitally connected countries in the world. Not only do 95% of the Swedish population have access to the internet, but also the vast distances in this country have proven a success story for eCommerce.
With 86% of Swedish consumers literate in English, there is an opportunity for international sellers to reach this market. In fact, more than one-fifth of all products sold online in Sweden are being purchased from abroad, from countries including China, the UK, Germany and the US.
With 67% of the 7.3 million adult population shopping online on a monthly basis, Sweden is a very mature market in terms of eCommerce. For cross border sellers, this proves an opportunity for extra sales that are ripe for the picking. Still, as with every new channel it is important that sellers do the proper research to ensure success.
Understanding the Swedish eCommerce market
With an average GDP per capita of $51,600, Sweden ranks in the world's top ten countries. This does not mean that Swedish consumers aren't price sensitive - outlet and bargain stores are popular shopping destinations online and offline. Still, consumers still manage to spend an average of £140 per month online, with the most popular shopping categories being fashion, shoes, health & beauty, home electronics, children’s items/toys and sport/leisure articles.
When selling to this market, it is important to offer the preferred channel of shopping, be it with a desktop, tablet, mobile or app presence. 35% of Swedes shop on their mobile on a monthly basis and switching platforms is not unusual, with purchases starting on one channel and being completed on another.
Europe is a diverse market in terms of preferred payment methods and Sweden is no different. Invoice and debit/credit cards are the clear favourites, accounting for more than 70% of all payment transactions. This is followed by 20% direct payment by bank and a small share of PayPal or other payment types.
If the customers don't find their preferred payment method, it is highly likely they will take their business elsewhere. Furthermore 59% of consumers in Sweden see an importance in not having to register on the sites they shop, which means a guest checkout is preferable for conversion.
Getting started selling in Sweden
To start selling in a new country, it can be helpful to use a marketplace to test the market opportunity and to access a channel with existing traffic. Fyndiq.se is one of the largest marketplaces in Sweden with 1.6 million customers and 2 million visitors a month. With a new app provided by eBusiness Guru, it is now possible for Linnworks users to start their sales on the Swedish market. Just sign up at http://fyndiq.ly/linnblog - there are no listing, setup or monthly fees - or alternatively meet the Fyndiq team at Linn Academy on the 19th of September.