Global retail e-commerce is moving forward with double-digit growth. International consumer markets are experiencing rapid growth. In 2017 alone, China accounted for 67.1% of all e-commerce sales around the globe. If you’re interested in more details about global e-commerce and want to obtain a secure and cheap e-commerce merchant account, this article is here to help you.
E-Commerce Growth: E-Commerce Merchant Account
In 1971 or 1972, several students at Stanford who were using Arpanet accounts at Stanford University’s Artificial Intelligence Laboratory completed a commercial transaction with their counterparts at Massachusetts Institute of Technology. This was before Amazon and eBay.
Today, thanks to modern e-commerce platforms, B2B/B2C commerce sales have undergone a real revolution. This channel is becoming more and more convenient for both the vendors and end-users. Thanks to the growing digital awareness, both selling and purchasing via e-commerce platforms are becoming mainstream.
Technology services allowing for creating and managing web storefronts, shopping carts, personalization, transactions, and product visualization are becoming more sophisticated. Thus, developing efficient B2B/B2C online stores is getting less challenging.
Let’s take Facebook. This social media platform has made it so easy to organize brand advertising. Thanks to software-as-a-service or SaaS products, starters in the retail field are able to push their business forward in ways they couldn’t think of in the past.
Today, China represents the largest e-commerce market around the globe and goes on widening its lead to a significant extent. The U.S. market is growing as well as the 2nd largest one. Asia-Pacific represents the most rapidly growing region in the world.
According to the CEO of an integrated electronic payment processing company, in terms of the online shopping experience, consumers are looking for multiple payment options. Thus, retailers can’t do without addressing this demand: they should offer sought-after methods for each market.
What about you? Are you offering the best to your customers? Do you need a reliable and affordable e-commerce merchant account for your online business? This can’t be an issue if you turn to a reputable payment processor like eMerchantBroker.com.
EMB is listed as the #1 high risk credit card processing company in the U.S. and is dedicated to providing merchants with the cheapest payment processing services in the space. What’s more, ValuePenguin has ranked EMB as the “Best All-Around High Risk Merchant Account Provider,” and CardPaymentOptions considers EMB an Excellent payment processing company.
E-commerce will further growth due to the rise of cross-border and favorable demographics and technology advancement in the logistics market.
Let’s look at some other facts:
- In 2017, e-commerce accounted for $2.3 trillion in sales.
- In 2018, retail e-commerce sales reached 23.3%.
- Based on the data from 2017, China’s e-commerce market value made up $672 billion, thus representing over 40% of the retail e-commerce revenue worldwide.
- The U.S. market value was estimated to be $340 billion in 2017.
- PayPal had 267M active registered accounts by Q4 of 2018.
- Smartphones were responsible for over 1/3 of online Black Friday sales in 2018.
- A 2017 March survey showed that 42% of online shoppers considered credit card payments as a go-for option to make payments.
- Electronic payments come next, with PayPal featuring to be the preferred option.
- Next, come debit cards, cash on delivery, and bank transfers.
- Global e-commerce statistics of 2018 showed that Amazon was ranked 2nd (GMV = $239 billion). JD.com, eBay, Shopify, Rakuten, and Walmart came next. Amazon represented 44% of all U.S. e-commerce sales in 2017 and was the most popular shopping app in the country in mid-2018.
- The expansion of e-commerce is seen across categories and region. Products that were almost always purchased in brick-and-mortar stores now get to their customers over the internet.
- Online purchases of fresh grocery grew by 5% in the Asia-Pacific region in 2018. Travel purchases in Eastern Europe grew by 4%, video gaming purchases in North America increased by 3%, and personal care purchases in Latin America went higher by 4%.
To sum up, you, as a merchant, should never stay behind the latest e-commerce trends. This is vital both for online business owners and those running an in-store business. It’s no less important to find the right merchant services provider to work with.