US Retail E-commerce Was Expected To Account For $385 Billion In 2016

Jan 17, 2017

It is estimated that eCommerce sales will reach over $400 billion in the upcoming years. According to Forrester Research, they will account for $414.0 billion in sales in 2018. eMarketer says the amount will reach $491.5 billion in 2018.

BI Intelligence, Business Insider’s premium research service, expected US B2C eCommerce to make up $385 billion in 2016 and predicted it would reach $632 billion in 2020. The research carried out by the company was based on Department of Commerce statistics that estimated how eCommerce was going up year over year in the 1st half of 2016 at 16%.

In 2016, the US had nearly 20 million more online shoppers from 2105. They were spending more and completing more transactions. The total online spending rose from $61 in the 1st quarter of 2015 to $68 billion in the 1st quarter of 2016. As to the number of transactions made online, it grew by 115 million from 2015 to 2016. This is one of the reasons driving eCommerce growth.

To enjoy safe and secure merchant processing, consider turning to EMB is rated the #1 high risk payment processor in the US and boasts an A+ rating with the Better Business Bureau (BBB). EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated A by Card Payment Options.

BI Intelligence was also interested in retail sectors that gain benefits from growing online sales. In 2016, more than half of all goods related to media, sporting, and hobby sales were expected to occur online. Electronics were among the most in-demand items being purchased online. They accounted for almost 25% of total sales generating from the Web, apps, or mobile Web. As for online furniture sales, they were expected to make up almost a quarter of total sales in 2016.

According to eMarketer, the 2016 holiday retail eCommerce sales were expected to rise 17%. Digital sales were estimated to outcompete 10% of total retail for the first time. The holiday season is defined as November and December by eMarketer. Total retail sales were expected to go higher 3.3% as compared to the same period in 2015 to make up $884.5 billion.

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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 on 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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