The European Commission (EC) this week revealed plans for regulatory reform that aims to increase member states’ economies by £308bn a year by stimulating ecommerce.
The EC has launched 16 proposals, to be implemented by the end of 2016, to try to eliminate barriers to online trade. From more affordable parcel delivery, to ending location-limited services, the proposals will encourage more ecommerce activity across Europe.
Current figures show that only 15% of people shop online from another EU country, which the EC plans to change with reformed regulations in a bid to move from 28 national markets into a more streamlined single digital economy.
Not only will the ecommerce market across Europe benefit from an increase in trade, but the new proposals could also promote increased online spending. With online retail sales predicted to reach £53.25bn in 2015 in the UK alone, ecommerce continues to boom, which means a greater volume of transactions and a heightened risk of chargebacks.
The ecommerce industry is continuing to see dramatic expansion as consumers get better access to more convenient digital and online shopping stores. Unfortunately this also means that merchants and banks have become increasingly exposed to the threat of chargebacks.
Merchants and banks must ensure they know what threats they’re facing online and ensure they have the right tools in place to protect themselves now and in the future.
