The eCommerce industry becomes more prevalent on a daily basis. To own a successful business today, you need to accept payments in all forms, whether by cash or electronically. The eCommerce evolution took us from fearing the idea of entering personal information to a world that expects a variety of online shopping options and this eCommerce evolution will not end anytime soon.
According to PYMNTS.com, online payments will encompass 14% of cash spending by 2022. This trend was determined after examining 10 major countries, including the United States and the top European Union countries. Although that may not sound like a huge percentage, it currently totals $908 billion with $421 billion in the US alone. This potential money is up for grabs for all merchants who are willing to adjust to the growing demands of the eCommerce evolution.
Now, do not worry, this shift will not happen overnight. The debit card, for example, took 27 years to catch on, but now accounts for 50% of consumer spending. Not much will change in the next five years because the spending power is currently in the hand of the baby boomer generation. This generation already has spending habits formed and is less likely to adopt the new payments technology.
When the younger generation starts taking over the spending power of the world, the eCommerce evolution will truly begin to advance. Here are some tips on how you can ensure that your business will continue to be a success.
1. Stay Up-to-Date with New Technologies: With electronic payments and the eCommerce market growing every day, make sure you have and are able to accommodate new technologies. Make sure your online shopping cart is user friendly for a variety of electronic devices.
2. Marketing Strategies: The use of online payments and shopping makes it easier for merchants to track the effects of their marketing strategies. This creates a marketing campaign that merchants need to base on more analytical evidence. Data drives the eCommerce evolution and should do the same to your business’s marketing choices.
3. Stay on the Same Page: Make sure your entire business understands and can accommodate for eCommerce solutions. Having a uniform, eCommerce-friendly store for every department will ensure a good online experience for each of your customers.
To learn how to start accepting payments online, contact us online or call at 1-800-318-2713 and talk with one of our merchant account managers. We will find you a merchant account solution that fits your company so you can start processing credit cards online.