Because of COVID-19, many people have started making purchases online for the 1st time ever. In fact, the number of new online shoppers aged 65 and above increased by 12.2% this year. U.S eCommerce sales are projected to grow by 18% in 2020, according to eMarketer. Let’s discover more information and know where you can get reliable credit card processing reviews.
U.s. Ecommerce Sales: Credit Card Processing Reviews
Cindy Liu, a senior forecasting analyst at eMarketer, notes that 2020 will witness the deepest fall in consumer spending in the U.S in decades. The overall U.S. retail sales, including auto and fuel, are going to decline by 10.5% in 2020, thus making up $4.894 trillion.
2020 will also see a dip in brick-and-mortar retail sales: these are expected to drop by 14%, thus accounting for $4.184 trillion. It’s estimated that it’ll take up to 5 years for offline sales to get back to the level registered during COVID-19.
When it comes to eCommerce sales, these are anticipated to rise by 18%, thus reaching $709.78 billion. This makes up 14.5% of total U.S. retail sales. By the way, last year, U.S. online retail sales of physical goods made up $343.15 billion.
What about your own transactions? Are you looking for reliable and cheap merchant processing services? These can be easy to get access to if you work with a reputable payments comparison expert that’s committed to offering the most trustworthy credit card processing reviews of processors at the time of writing.
COVID-19: Most Disruptive Event In Retail In Decades
COVID-19 has disrupted the whole retail sector. The year 2020 is facing interrupted supply chains, dramatic changes to consumer demand and retail channel preferences. Let’s take a look at some numbers:
- The sales of retail and food services grew by up 7.5% in June and by 18.2% in May
- Clothing sales grew by 105%
- Electronics and appliances by 37%
- Furniture by 32%
- Sporting goods by 27%
- Department-store sales by 20%
- Restaurant sales by 20%
COVID-19 has brought its immense impact on eCommerce, B2B, B2C, and brick-and-mortar sales. The created situation has made it more important than ever to work only with a reliable payment processing specialist in your field.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of credit card processing reviews. 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.
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