Sales made to consumers online in the U.S. now happen more regularly than ever – and according to a couple of reports, they’ll continue to take up a bigger market share in the coming years, too.
For instance, comScore recently reported that spending at online credit card payment processing pages and other online transactions made with desktop consumers went up by 12 percent year-over-year during the first quarter of 2014. Those transactions accounted for a total of $51 billion in revenue for online businesses.
“Q1 e-commerce and mobile commerce spending growth have seen a modest acceleration versus the fourth quarter, which is a positive sign in light of overall softness in consumer discretionary spending across the broader U.S. economy during the early part of the year,” said comScore chairman Gian Fulgoni.
During the same quarter, mobile-based online transactions went up by 23 percent too, according to comScore. Those sales accounted for an additional $7.3 billion in revenue. Yet that’s not slowing desktop spending: online spending via desktop already accounts for 11.7 percent of consumer discretionary spending now. These increases are expected to continue, too – there have now been 18 straight quarters where consumers spent more on desktop spending than they had during the same quarter a year prior.
“As we look ahead to the remainder of 2014, we hope that signs of improved consumer sentiment and a strengthening job market will help further bolster digital commerce,” said Fulgoni. “In addition, with several key consumer tech product upgrade cycles and new product introductions expected in the back of the year, there would appear to be continued momentum for the market throughout the year barring any unforeseen economic troubles.”
Another research firm projects continued increase in e-commerce spending
Another recent report, from Forrester Research, found that U.S. e-commerce sales are expected to increase at a compound annual growth rate of 9.5 percent through at least 2018. Sucharita Mulpuru, a Forrester analyst, told Internet Retailer that almost 70 percent of all Americans now regularly purchase products through online payment processing pages. By the year 2018, his firm expects that online sales made to U.S. consumers will be accounting for roughly $414 billion in annual revenue. If retailers want a piece of that increasingly large pie, they’ll need to implement an e-commerce page and an online point of sale – and as soon as possible, too.