In 2011, online retail merchants experienced a 13 percent increase in sales from the previous year. The ecommerce sector saw sales reaching $161 billion dollars overall. This marks the ninth straight quarter of growth for the industry and the fifth consecutive report of double-digit increases, and it doesn’t show signs of slowing.
Ten days out of the quarter boasted online sales of more than $1 billion. Cyber Monday on November 28 proved a huge success as online retailers processed $1.25 billion in sales through virtual credit card terminals. The most popular product categories all grew by 18 percent over the past year, including electronics, computer software, toys and hobbies, digital content and subscriptions and jewelry and watches.
“Online retail has reached the tipping point,” said Dan Olds, an analyst with The Gabriel Consulting Group, according to Computer World. “There’s a tipping point from the point when your first option is a local store… to when online does a better job on price and selection… Then online becomes the default and local becomes the backup.”
Retailers can accommodate the growth in ecommerce by investing in online credit card processing services that can provide customers with the most efficient and convenient payment methods.Back To Blog