Given the proliferation of online shopping into a number of different verticals and industries, one would think we are witnessing the results on the eCommerce revolution. However, some suggest we are only getting started.
According to a report from Morgan Stanley, eCommerce's impact on retail and business sales will only become stronger in the coming years. As individuals find new ways to connect to the Internet - whether by smartphone, tablet, laptop or traditional PC - more people will capitalize on the opportunity to buy online.
"Fulfillment execution is key to realizing eCommerce's disruptive potential," the report says. "By 2016, our AlphaWise survey and global eCommerce model suggest a nearly 50 percent increase in penetration of retail sales, to 9.3 percent [from 6.5 percent today], surpassing $1 trillion."
Much of the growth felt in the eCommerce sector will be on the B2B side. More companies are using smartphones, tablets and computers to buy products and services online because of convenience and accessibility.
For example, an employee tasked with managing a team, working with clients and purchasing for the office might not have time to evaluate vendors during his or her normal working hours. However eCommerce vendors are constantly accessible, so workers can log from their personal devices at any hour they choose.
However, as this blog has stressed in the past, eCommerce will only survive in the B2B sphere if vendors invest in proper payment solutions. Processing a p card payment is different than a standard consumer credit card, so it's up to vendors to obtain the right systems needed to reduce processing fees and generate strong profits.
Obtaining a system that accepts level 3 data with line item detail will provide transparency to the customer while reducing fees on the vendor's side. Working with a B2B payments consultant can help companies acquire the right solutions for their needs.