Wednesday, January 5th, 2022
According to experts in the field, COVID-19 will cause a boom in eCommerce sales this holiday shopping season. With consumers’ shopping and spending behaviors changing rapidly, it’s vital to keep your finger on the pulse. Let’s see what you can expect from holiday shopping and where you can get the best merchant account for eCommerce.
Holiday eCommerce: Best Merchant Account for eCommerce
This year, on Cyber Monday, consumers spent much more than on Black Friday. On Cyber Monday, the spending grew by $1.8 billion as compared to Black Friday. Thus, the revenue rose by $10.7 billion this year.
Global business consultancy Deloitte reports that 2021 holiday eCommerce sales will grow by 11%-15% as compared to 2020. Retail eCommerce revenue is anticipated to account for $218 billion.
With 2021 eCommerce holiday sales growing rapidly, you can’t go on offering traditional payment options to your customers. It’s high time you started offering online payment processing solutions to boost your sales. For this, your business will need the best merchant account for eCommerce. You can find that by working with a reputable payments comparison specialist like BestPaymentProviders.com.
Best Payment Providers US pays exceptional attention to contracts, rates, and fees to guarantee the best-suited merchant services for your needs. BestPaymentProvider.com checks every detail to ensure you can easily avoid overpaying because of unclear terminology, hidden costs, and misleading sales tactics.
2021 Holiday Sales and Spending
U.S. holiday sales are projected to rise by 8.5-10.5% in 2021, thus making up $859 billion after the increase of 8.2% in 2020. During pre-COVID times, holiday sales averaged around 4.4% growth annually.
This year, consumer spending on holiday items is seeing a surge as compared to previous years. On the whole, holiday sales are anticipated to make up $843-859 billion in 2021, which is more than double what was registered in 2002, when the overall holiday sales accounted for $416.4 billion.
This holiday shopping season, Amazon and Apple are the only top retailers anticipating growth in eCommerce sales. Apple expects a rise of 36.9%. But the expected growth won’t push Amazon down. Amazon has the biggest market share, which makes up 41.9%, and Apple’s is 6.1%.
Holiday eCommerce Sales Surging in 2021
2021 holiday shopping season is going to see a rise in eCommerce sales. Consumers are going to spend on holiday items more this year than they did in 2020. Turn to an expert payment comparison company to find the most suitable payment processing services for your financial needs.