The trend is clear: Consumers are continuing to spend more money shopping online.
eCommerce sales climbed 11 percent in 2009,1 even as total retail sales fell 6 percent,2 and analysts are forecasting continued strong growth in eCommerce sales over the next five years. Today, 63 percent of U.S. adults shop online, and Javelin Strategy and Research expects this number to grow to 78 percent by 2014.3 Online transactions now account for about 6 percent of total retail sales in the United States, up from just 1 percent a decade ago.
As the economy gradually recovers from the recent recession (and consumers continue to migrate to online shopping), Web retailers are poised to experience brisk sales growth. However, competition continues to intensify as greater numbers of merchants move online and existing online merchants enhance their Web operations. For Internet retailers to participate successfully in this highly competitive marketplace, they know they must implement programs that drive site traffic, provide a pleasing shopping experience, offer desirable merchandise at competitive prices, and accurately fulfill customer orders.
As even the smallest online retailers become more sophisticated at promoting and operating their Web sites, merchants must search for other opportunities to differentiate their businesses and improve profitability. Many successful online retailers have focused renewed attention on the payment process, a frequently overlooked component of eCommerce. This paper explores four payment-related strategies that can enhance a merchant’s online services, open new markets and increase profits:
- Expand Into International Markets. A global payment processor can help you to start tapping the vast potential markets for your products beyond U.S. borders.
- Offer Consumers More Ways to Pay. Greater choice in payment types increases sales and reduces incidence of abandoned shopping carts.
- Protect Your eCommerce Bottom Line. Fraud prevention is a prime opportunity for improving profitability and building customer loyalty.
- Leverage Your Business Intelligence. The payment process generates valuable data you can use to make smart business decisions.
Download the whitepaper here.