Does your business operate online? If so, you are one of the millions of eCommerce retailers entering this expanding marketplace. With Forrester research estimating that online retail will grow by 13% this year, it’s no wonder so many businesses are online.
There’s a lot to know about online merchant services, though, and how to compete in online business. You might be surprised to know just how big online retail is, especially if you haven’t yet opened an online store and are considering expanding your business. Here are some interesting facts about online retail to keep in mind when bringing your business into the online sphere.
1. It’s not just about having an online store. It’s also important for businesses to use a certified payment processing service to grow their businesses, too. Certified payment processing is a third party that helps your business accept credit and debit cards online, and it is necessary in order to transfer funds from one account to another. Certified payment processing can also help your business get money as quickly as possible, and it also reduces the risk for fraud.
2. When it comes to which cards your merchant services provider accepts, it’s important to consider these facts: Visa cards account for approximately 52% of all payment volume throughout the world, making it the most popular card. MasterCard follows, with 32.8% of the market share.
3. We’re not just shopping from our PCs anymore, either. Consumers also have mobile devices, such as tablets and smartphones at their disposal. The amount of eCommerce that comes from mobile devices has increased significantly over the past few years. One researcher, eMarketer, predicted that 2013 would see 15% of online sales made on mobile devices alone. According to Nielsen research, 95% of tablet shoppers and 72% of smartphone shoppers make their purchases at home, but this figure still means that there are plenty of shoppers who spend money on-the-go, too. Google estimates that 4% of Americans have made a mobile purchase while out in a social setting.
If your business is expanding, make sure that you’re able to accept payments from anywhere in the world. The global reach of the internet gives a business unlimited opportunities for expansion. Have questions about payment processing and other issues pertaining to eCommerce? Feel free to leave a comment below.