E-Commerce in Retail’s Post-COVID Future
COVID-19 has forced many small businesses to cast a new look at their decades-old traditional business models. Many merchants faced the problem of closing permanently, and others are struggling to stay afloat.
The economic situation caused by COVID made the global business paradigm move toward digital commerce. Let’s discuss the topic in detail and see who can help you with a reliable instant merchants account.
COVID’s Impact on Retail
According to the International Trade Administration, the total global retail sales data from 2019 to 2020 speaks of an expected strong rise of 8% in retail eCommerce sales around the globe through 2024.
The United Nations Conference on Trade and Development (UNCTD) reports that the average share of internet users who did online shopping rose from 53% before COIVD-19 in 2019 to 60% in 2020/21, across 66 countries. Interestingly, China accounts for more than 1/2 of the online retail sales across these countries, and the United States accounts for a further 30%.
According to Digital Commerce 360, a global leader in eCommerce research and media, because of COVID-19, the eCommerce’s bottom line grew by $218.53 billion during the last two years. In 2020, COVID brought $102.08 billion to U.S. eCommerce, and $116.45 billion in 2021.
eCommerce on the Rise: Instant Merchant Account
This flexibility that eCommerce provides for shoppers allows more consumers to step away from urban centers. The consumer experience is undergoing rapid changes and switching from in-store shopping.
According to the EY Future Consumer Index (Index), 37% of U.S. consumers are forecast to make purchases online and pick up in-store more often in the years to come. International Monetary Fund (IMF) reports that the share of online spending increased more in economies where eCommerce already played a major role.
What about you? Are you taking the right steps to grow your online sales? For this, it’s critical to offer the right payment processing services to your customers, including an instant merchant account from a reputable provider. Consider working with a trustworthy merchant services provider that knows the ins and outs associated with your type of business.
eCommerce Retail Sales After COVID-19
COVID has made the shift to digital commerce faster. Digital commerce is evolving across economies and industries. Make sure to work with a reputable merchant services provider to grow your eCommerce business.
Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their instant merchant account solutions. He’s experimented with various occupations: computer programming, dog training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.
