eCommerce growth got slower in July 2020. However, it’s still made up $435 billion for this year so far. Let’s reveal more about the eCommerce growth and see who can best help you with merchant account providers in the U.S.
Ecommerce Spending Growth & Merchant Account Providers
COVID-19 has made consumers shift towards online channels to make purchases. As a result, online spending has witnessed unprecedented growth. By the way, this trend is forecast to remain actual even after COVID-19 subsides.
According to Adobe’s Digital Economy Index, in July, the massive growth of eCommerce sales started decreasing. Namely, eCommerce sales rose 55%, thus accounting for $66.3 billion in July as compared to the same month in 2019. This represents a slowdown from June 2020 when sales over the internet went up 76%, thus accounting for $73.0 billion YoY.
One of the reasons has to do with the reopening of brick-and-mortar shops. What about your business? How can you increase your online sales? One thing is certain: you can’t do this if you don’t work with a reliable and experienced payment processing professional in your field.
Finding the right credit card processor can be easier than you think if you apply to a respectable comparison expert in the U.S. A reputable comparison specialist of merchant account providers can provide you with fast and easy access to the best merchant processing services for your own business wants and needs. Make sure the comparison specialist guarantees the most reliable snapshot of processors at the time of writing.
U.s. Online Retail Sales
Based on the 1st 6 months of 2020, consumers spent $347.26 billion online with U.S. retailers. This was up 30.1% as compared to $266.84 billion for the 1st 6 months in 2019. The data is provided the most recent Digital Commerce 360 analysis of the U.S. Department of Commerce.
When it comes to the 1st 2 quarters of this year, online spending accounted for 18.6% of overall retail sales. According to Adobe, the total online spending during COVID-19 has risen $94 billion, thus reaching $434.5 billion spending registered in the 1st 7 months of 2020.
So, eCommerce has appeared at the forefront of retail driven COVID-19. Retail sales have been growing for the 3rd month in a row, though the growth got slower because of fewer restrictions.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant account providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.
