New Numbers Confirm Consumers Turning To Online Channels
As the business world has adapted to handle the many changes and challenges of COVID-19. The biggest shift to keep up with has been the increase in online shopping. The many restrictions of the pandemic has pushed consumers to turn to online channels more than ever before – and the recent numbers prove it.
New government data reveals that eCommerce dollar volume in the second quarter reached $211.5 billion, up 32 percent from the first quarter and 44 percent from the same period last year. Meanwhile, total retail sales in the second quarter dropped 4 percent, crediting ecommerce with a record of 16.1 percent of total retail commerce.
Of course, the biggest increases were experienced April-June when the majority of the business closures and shelter-at-home policies took place for many states. Online sales jumped 35 percent higher than the same quarter in 2019. Compared to this year’s first quarter, the second-quarter was even higher – nearly one-third higher.
To put this growth in perspective, consider the government’s data from 1999. It took nearly 17 years for ecommerce to reach the $100 billion mark. Within less than four years, that number has now doubled. And the future? According to the numbers from the U.S. Department of Commerce, this trend will extend into the current quarter.
Credit cards accounted for around 51 percent of purchase volume, and card-not-present (CNP) accounted for 41 percent of transactions at the end of August, according to the latest report from PSCU. Similarly, debit card purchase volume was 41.6 percent, and CNP debit transactions accounted for 28.1%.
Best Payment Processing Services For Online Merchants
The recent crisis has led many business owners to consider ecommerce for the first time. This has led to a need for fast, secure payment processing services that allow customers to purchase products and services online. If your business has found itself in this situation, the key to securing the best merchant services UK is to make sure the provider understands your industry.
Each industry has its own set of challenges. Ecommerce, for example, often struggles with high chargeback rates. Traditional providers turn these merchants away, unwilling to handle the added risk. In this case, you will need to seek out a high risk provider. To find industry-leading merchant services, consider browsing the many reviews Best Payment Providers has to offer. You can easily compare services and find a provider that specializes in your business type and industry.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of best merchant services UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.