The last 10 years brought an immense change in the use of devices, shopping channels, and global markets. Below, you can find interesting facts about today’s online retail world and know who can help you with the best merchant services in the U.S.
Online Retail Stats & Best Merchant Services
eCommerce goes on affecting everything in the modern world of retail. The global eCommerce market accounts for about $4.2 billion. The U.S. market is worth more than $500 billion. Nearly 1.92 billion people are making purchases online.
With all this in mind, it’s incredibly important to work with an exceptional payment processor to grow your eCommerce business. How can you find one? It’s simple: just turn to a respectable payment processor comparison expert in the U.S. to find the right deal for your own business needs.
Look for a merchant services comparison company that’s concentrated on terms, complaints, and integration, as well as reviews contracts, rates, and fees with exceptional attention to detail. Make sure the comparison specialist scores top review and complaints sites so you can enjoy the most trustworthy snapshot of processors at the time of writing.
Changes in eCommerce World: Stats
In 2019, eCommerce sales made up 9% of all retail sales in the U.S. and are anticipated to account for 12.4% this year. Let’s have a look at some other important figures:
- Consumers spent $601.75 billion while shopping online in 2019, which was a 14.9% increase from $523.64 billion in 2018, as the U.S. Department of Commerce reported.
- eCommerce penetration hit 16.0% last year.
- Overall retail sales grew by 3.8% last year, thus accounting for $3.763 trillion. In 2018, that figure was $3.626 trillion.
- U.S. retail sales grew by 0.3% in January this year, as the U.S. Census Bureau reported.
- Online sales rose by 0.3%.
- Restaurant sales grew by 1.2%.
- YoY (year-over-year) retail sales increased by 4.4%.
eCommerce business is going up and taking over the retail market. It’s getting more and more important to look deeper at the opportunities and possibilities to be able to take your business to the next level successfully and with ease.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can help you with the best merchant service in the U.S. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right thinking people.