Since the beginning of the recession in 2008, ecommerce spending has helped businesses pull themselves out of the dire financial straits they were mired in. In the three years since 2010, total retail eCommerce spending climbed 9.8 percent, 13.3 percent and 15.3 percent year-over-year.
While it may seem as though retail sales make up a significant portion of all eCommerce transactions, the fact is only 4.4 percent of electronic sales can be attributed to retail.
It's two business-to-business categories – manufacturing and wholesale – that lead the pack. Together, they make up 90 percent of total ecommerce sales, with manufacturing claiming 46.4 percent and wholesalers responsible for 24.6 percent, according to the U.S. Census Bureau.
An article in NASDAQ explored B2B payments in detail, and particularly how payment processing and ecommerce has evolved in recent years. Payments have gone from cash-only, to checks and now to ecommerce.
Most recently, the onset of mobile devices and tablets has required vendors and payment processing mechanisms to again evolve along with these tools. As this blog reported last month in review of Josh Lerner's "The Architecture of Innovation," the complex nature of the B2B payments industry requires businesses to be innovative as they meet these challenges.
"The complexity, as we all know, rests with the discipline of having a strategy that can create the delicate balance across all stakeholders, deliver traction in a relevant timeframe and drive profits," according to a release announcing the book.
Vendors need to have access to a payment solutions provider that understands eCommerce transactions and can add value to businesses. That is the optimal way to ensure innovation remains a part of payment operations.