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What is Stripe, and why do so many eCommerce companies love it?
eCommerce has necessitated the integration of flexible online payment options on businesses' platforms to deliver a seamless shopping experience for their consumers.
Stripe, a payment gateway and processor, is one of the market-leading online payment solutions that supports 32 different payment methods. That benefit, combined with a meager 25¢ over 2.9% in commissions (for every successful transaction), makes Stripe an eCommerce favorite.
There are more reasons tempting eCommerce companies to integrate Stripe into their payment systems: All Stripe customers get the option to dedicate a percentage of revenue (in the range of 0.1% and 5%) towards Stripe Climate contributions, which is the company’s carbon removal purchase tool.
This initiative has seen stellar success—the CEO, Patrick Collison, tweeted recently that over 450 companies have purchased carbon removal, resulting in the formation of one of the largest carbon coalitions in the world!
Now, let’s take a look at some of the top websites using Stripe in the UK:
Apple's Founder: Steve Jobs
Apple's Founding Year: 1976
Apple's Location: Cupertino, California, US
Apple's Monthly Unique Visitors: 31,899,517
Apple's Web Sales: >$10B
Apple's Order Volume: >50,000
The very name of this brand, “Apple,” was selected at random when Steve Jobs was at a loss for ideas to name his company. The company has registered a revenue of $386B (Trailing 12 Months, or TTM) for 2022.
According to a report published by Canalys, Apple has registered stellar success with their recent release of the iPhone 13 in the US, registering a shipment volume of 39M units of this device in the first quarter of 2022.
Amazon's Founder: Jeff Bezos
Amazon's Founding Year: 1994
Amazon's Location: London, Greater London, UK
Amazon's Monthly Unique Visitors: 31,933,172
Amazon's Web Sales: >$5B
Amazon's Order Volume: >50,000
Amazon has become a household name today. From household goods like linen and furniture, pet supplies, and foods and beverages to boot, Amazon houses everything one could ever need.
Amazon today commands a market share of 40% in eCommerce and integrates Stripe technology on its interface to power its payments. Amazon made a TTM revenue of $477.74B in 2022.
Asos' Founders: Nick Robertson, Quentin Griffiths, and Andrew Regan
Asos' Founding Year: 2000
Asos' Location: Greater London, London, UK
Asos' Monthly Unique Visitors: 11,346,192
Asos' Web Sales: >$5B
Asos' Order Volume: >50,000
ASOS, the acronym for 'As Seen on Screen,' is a world-famous fashion brand that originated in the UK.
Users can shop for men’s and women’s wear, footwear, accessories, and much more with Stripe payments on ASOS. The company made a revenue of $5.27B in 2021.
Etsy's Founders: Rob Kalin, Haim Schoppik, Jared Tarbell, Chris Maguire
Etsy's Founding Year: 2005
Etsy's Location: Brooklyn, New York, US
Etsy's Monthly Unique Visitors: 21,320,677
Etsy's Web Sales: >$5B
Etsy's Order Volume: >50,000
For customers wishing to purchase curated handicrafts, vintage items, or artful pieces of creative crafts, Etsy is the place. This marketplace concept was based on connecting artists with art lovers—an online shopping destination where creators had a free hand in running their own little shop for a global audience.
Etsy had a revenue of $2.35B (TTM) in 2022. It also had a total of 81.9M active buyers in 2020—that is how this store has grown in popularity over the years.
eBay's Founder: Pierre Omidyar
eBay's Founding Year: 1995
eBay's Location: London, Greater London, UK
eBay's Monthly Unique Visitors: 8,187,323
eBay's Web Sales: >$5B
eBay's Order Volume: >50,000
eBay UK began as a humble printer sale for a measly $1 price listed online—Omdiyar just wanted to sell his printer. After a week of no response, Pierre’s business idea finally came into being when suddenly bidders began pouring in and raised the price of the printer to almost $15!
Today, eBay has become a global eCommerce giant with great secondhand merchandise with a revenue of $10.26B (TTM).
Next's Founder: Joseph Hepworth
Next's Founding Year: 1864
Next's Location: Enderby, Leicestershire, UK
Next's Monthly Unique Visitors: 1,965,253
Next's Web Sales: $1B to $5B
Next's Order Volume: >50,000
“Progress” is the word to describe Next in its purest essence. The store was launched as a tailoring outfit in Leeds in the later 19th century as Joseph Hepworth and Son.
The quality and popularity helped the brand grow into its own; today, it is better known as Next. Offering a wide range of fashion wear and accessories to its patrons, Next is one of the biggest and oldest eCommerce retailers in the UK.
The reported revenue of Next Plc was $5.67B in 2022.
Marks and Spencer's Founders: Michael Marks and Thomas Spencer
Marks and Spencer's Founding Year: 1884
Marks and Spencer's Location: London, Greater London, UK
Marks and Spencer's Monthly Unique Visitors: 1,364,248
Marks and Spencer's Web Sales: $1B to $5B
Marks and Spencer's Order Volume: >50,000
Marks and Spencer, quite surprisingly, owes its roots to surviving the challenges of immigration. Marks came to England from Belarus with little to call his own. He started his survival as a pedlar in Kirkgate Market in Leeds, which led to the growth of his business. Eventually, he hired Spencer as his business thrived – and Marks and Spencer was born in 1884.
The company's current revenue is $14.35B TTM. A rich history of 130 years makes this fashion brand highly desirable.
M&S have Stripe enabled as a payment method on all their websites.
Farfetch's Founder: Jose Neves
Farfetch's Founding Year: 2007
Farfetch's Location: London, UK
Farfetch's Monthly Unique Visitors: 4,245,969
Farfetch's Web Sales: $1B to $5B
Farfetch's Order Volume: >50,000
Farfetch is now popularly being tagged as an online fashion industry disruptor. Its unique business model is challenging every competitor as the brand grows exponentially.
Farfetch doesn’t own any inventory on the brands it showcases. It is merely an aggregator platform for fashion brands—big or small—and works by charging commissions for each sale.
It is one of the many eCommerce retailers providing Stripe payment options to customers. The company reported a revenue of $2.25B TTM in 2021.
eCommerce and online payments go hand-in-hand. For a business to grow without any hindrances, it needs to incorporate the most popular and fastest payment methods in all its stores.
Stripe offers just that—a wide variety of payment options that are secure and quick. This is why the top eCommerce retailers in the UK, as listed above, all use Stripe.
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