New data shows major growth in eCommerce payments

Sales are not trending away from eCommerce anytime soon. In fact, more people are buying online than ever before.

This blog has examined the popularity of online shopping and has stressed the importance of procuring payment solutions designed to process online transactions in the past, and new data complements this sentiment. According to a report from comScore Inc., eCommerce spending hit $186.2 billion in 2012, a 15 percent increase from the previous year.

This marks the largest single year increase since the recession, an impressive feat considering these past five years are when eCommerce truly grew in popularity. Gian Fulgoni, a comScore chairman, said in a statement that despite one minor setback, 2012 was a fantastic year in the eCommerce realm.

“The only real blemish on an otherwise outstanding year for eCommerce was a holiday season that fell shy of initial expectations, apparently due to consumers' fiscal cliff concerns,” Fulgoni said. “To the extent that this pullback was just a temporary shock and not a sign of underlying economic weakness, we are optimistic that 2013 will build on the momentum of the past year.”

The fact that the holiday season fell just short of expectations could actually be a positive sign for eCommerce vendors. It may suggest that overall growth wasn't necessarily fueled by consumer spending - which would have inflated during the holiday season - and was more related to the online shopping trend in the corporate world.

Procurement specialists buy all year long. In fact, business spending can actually decrease during the holiday season because many companies slow down at the end of the year as they are planning budgets for the following year. Therefore, the statistics may represent the overall shift in eCommerce from consumers to businesses.

Of course, companies must ensure they are in position to accept business payments. Implementing a B2B payments gateway that allows vendors to accept level 3 data will keep processing costs down and allow merchants to increase profits from online sales. 

Share this Post
Share to Facebook Share to Twitter Share to Google+ Share to LinkedIn More...



Reference Guides

Complete our contact form and we'll send you a link to download our Quick Reference Guides covering the essentials of accepting purchasing cards including best practices, Interchange rates & fees and card data security.