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The Future Of UK ECommerce

The Future of UK eCommerce

The United Kingdom, also known as the UK, is composed of four European countries – England, Wales, Scotland, and Northern Ireland – and features a rich and lengthy history. With a combined population of approximately 63 million people, it boasts only the twenty-third largest population of any country in the world, smaller than developing countries such as Vietnam, Ethiopia, and Iran.

Despite not having a large population like the United States and China, the UK economy is critical to the success of not only Europe but the world as a whole. As online shopping continues its growth worldwide, what does this mean for the future of UK eCommerce and how does the UK compare to other countries?

  • Continued growth is expected for UK eCommerce, but growth may slow to single digits –The UK eCommerce industry is expected to grow by a double-digit percentage in 2013 and 2014 but growth is predicted to slow and reach single-digit percentages by 2015.
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Understanding The Marketplace Fairness Act

Understanding the Marketplace Fairness Act

In the past, we have documented online sales tax in the United States and the three tax Acts which were currently in the Senate, one being the Marketplace Fairness Act. Last week, the U.S. senate voted 75-24 in favor of a non-binding resolution for an amendment to support the Marketplace Fairness Act in its 2014 budget plan. In doing so, the United States has taken another step towards taxing eCommerce transactions.

What do you need to know about the Marketplace Fairness Act? We answer a few questions on the topic below…

 

What exactly is the Marketplace Fairness Act?

The Marketplace Fairness Act is an online sales tax bill which would allow all states who participate to collect sales tax from eCommerce transactions that take place online. The main purpose of the Act is to create a “fair” playing field for all retail transactions by taxing all purchases regardless of the purchasing channel.

Under the Act, each state has the choice to set up their own tax requirements or they can partner with other states to create specific tax criteria which would apply to all of the states who collaborated on the effort. Businesses with revenue of $1,000,000 or less in total annual out-of-state sales would be exempt from the Marketplace Fairness Act, meaning the main target of the Act is larger eCommerce companies.

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Canadian eCommerce and United States eCommerce – A Comparison

The state of eCommerce in Canada is unlike many other places in the world. The adoption rate of new technology in Canada is among the top countries in the world – almost the entire Canadian population is connected to the internet thanks to its dense urban population and smartphones in Canada will be owned by approximately 15 million people by 2014 (40% of the expected Canadian population). Despite the “early adopter” mentality Canadians have toward technology, many consumers surprisingly still prefer to shop in-person than online. Canada has been ranked as an “average” eCommerce country, with online sales expected to make up approximately 5.3% of the country’s total spending by 2016. Why has Canada lagged behind the United States (and other countries) in eCommerce when they are among the pioneers in other avenues of technology – and most importantly – will this change in the future?

Let’s look at some research to answer these questions…

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