The UK has become the second largest market in the world for Amazon’s own-brand products, according to research firm Ovum.
The firm’s research shows that, globally, consumers spend about £100 billion ($170 billion) on the online retailer’s own products, including its own branded goods.
The UK has also become the biggest market for Amazon-branded products, Ovum says, with a total of 3.5 million products sold on the UK market in 2017, compared to just over 2 million products by Amazon.
Ovum estimates that, by 2020, Amazon will be in over 1 billion homes worldwide, with over 50% of that market being UK homes.
Ovum’s research showed that UK consumers spent over £1 billion ($1.1 billion) each year on Amazon products, up from £800 million ($1,200 million) in 2017.
This figure is also up from the £1.2 billion ($2.3 billion) spent on Amazon in 2016.
Ovens are the most common way of storing Amazonite products, as well as making it easier to store them.
Amazon’s own branded products make up over two-thirds of all products sold worldwide, Ovam says, adding that these products are used by consumers around the world.
Ovens have also become more affordable for consumers, with the average selling price of Amazon’s products dropping by 12% in 2017 to £11.50 ($16.30).
Ovam says that Amazon is aiming to reach 30 million homes by 2025, but it needs to increase its own products’ reach in order to do so.
“We believe that consumers have become more selective about where they shop and use their home and they need more choice in the way they buy,” said Richard Whittaker, Ovom’s head of research.
Ovinomics analyst Mark Smith has previously estimated that UK-based companies such as Amazon, Google and Facebook have made £4.6 trillion ($6.7 trillion) in profits worldwide since the mid-1990s.
He says that this trend is likely to continue, as the UK becomes a more affluent country, and as people become more aware of their options for buying things.
Smith, who recently published a book on Amazon, says that consumers will continue to search for cheaper products, and will have a harder time finding things online.
He also said that the current economic climate is likely have a significant impact on the way consumers buy and spend their time.
“The UK economy is in the midst of an economic downturn, which could have a negative impact on consumer spending, as people are more focused on buying what they can afford to spend,” Smith told The Independent.
“With a relatively low inflation rate, and with a very low cost of living, consumers will find the prices of Amazon-brand goods much cheaper than what they are paying in the US and Europe.”
Furthermore, a lack of regulation and competition in the UK has given the market a much greater opportunity to expand.
“Ovom’s report also points to the rise of online retailers, who have recently become more attractive options for consumers.
While consumers are now spending more time shopping online, they are also finding it easier and cheaper to purchase things online from the likes of Amazon.”
Online retailers are becoming more attractive to consumers as the number of products they sell online has grown significantly,” Ovom says.”
This has led to increased demand for online retailers and increased competition between online retailers.
It is a clear indication of the continued dominance Amazon has over its own-branded goods,” he said.