Five Key Factors Promoting the Growth of E-Commerce

Dec 08, 2017

The growing acceptance of the internet as a shopping tool is unlikely to slow down anytime soon. According to Forrester Research, the number of online customers will reach 270 million by the year 2020. This will apparently see the e-commerce sale value stand at a whopping $523 billion, representing a stark rise of 56 % in five years.

Of course, these numbers mean nothing but good news for web-based retailers. But, are you wondering why it is that the industry is enjoying such impressive growth? Below are a few plausible reasons;

  1. Mobile Traffic

The development of mobile-friendly websites has contributed a great deal to e-commerce growth in recent years. In fact, the latest projections show that mobile visits to retailer websites will surpass PC visits for the first time in the US during the 2017 holiday season.

While impressive, this feat is not surprising, considering a higher percentage of the world’s digital population has been accessing the Internet using mobile phones than desktops since last year. Shopping on the go is now a critical aspect of e-commerce, and mobile apps are as much a priority to online merchants as websites.

  1. Social Media

The promise of free traffic has been very enticing to online merchants. Facebook boasts two billion active users worldwide, and a good percentage of online shoppers are among those users. Unsurprisingly, Facebook and other social media platforms have been launching pads for thousands of online businesses, and more and more retailers are implementing social marketing techniques to drive sales.

  1. Search Engine Optimization

SEO started with online media, but now e-tailers have recognized its immense value in driving free users to their sites. Unlike search engine marketing where each new customer comes at a marginal cost to the retailer, SEO promotes site traffic through natural search. Today, virtually all online merchants consider search engine optimization a website design priority.

  1. The Shopping Experience

One of the reasons why customers prefer to shop online than in brick-and-mortar stores is that the internet gives them the chance to weigh their options and get the best deals. They can quickly search for promotions and coupons and compare prices from several retailers. Moreover, the internet fulfills customer demand instantaneously, through immediate delivery. And, a buyer needn’t worry about the availability items that are difficult to source locally. The sheer convenience of online shopping has contributed a lot to the growth of e-commerce.

  1. Faster Payments

Modern payment processing technologies have made completing purchases in online stores as smooth as ever. Thanks to high-risk merchant account providers, customers can conveniently buy products safely and instantaneously using their credit cards. Mobile-based payment gateways have particularly been on the rise and are poised to lead the global payment markets in the coming years, further fuelling the growth of e-commerce.

It is surely a great time to be an online merchant. Business is booming, and if the factors above continue to play their part, things will get even better.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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