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New Virus Surge Will Make eCommerce Volume Soar Even More
COVID-19 had already resulted in a deep recession. Now, when the 2nd wave is already here, expect to see new developments. In all this, eCommerce is at the center of attention not only in the U.S., but also worldwide. Let’s get an image of the expected growth in eCommerce and see how BestPaymentProviders.com can help you grow your online business without losses.
eCommerce Volumes to Soar: BestPaymentProviders.com
eCommerce, B2B, B2C, and brick-and-mortar businesses are immensely affected by COVID-19. The 2nd wave of COVID-19 is anticipated to lead to another lockdown in the U.S. This means eCommerce volumes will further grow.
Specifically, a minimum of 20% - 30% increase is projected in holiday eCommerce sales this year, as compared to 2019, as ACI Worldwide Inc. reports. In Q3, Walmart (WMT) witnessed a 79% increase in its online sales, and Target (TGT) saw a 155% rise.
This year, B2B eCommerce sales have reached $1.3 trillion from last year’s $1.1 trillion. B2B marketplace gross merchandise volume made up $31.19B this year. In 2018, this number was $16.58B, and $22.56B in 2019.
Overall, COVID-19 has accelerated more than one trend. E.g., the number of brands searching for 3rd-party sellers has increased. Besides, Amazon’s dominance in the space is further growing and is forecast to top $52B in gross merchandise volume by 2023.
With all this being said, it’s critical to be proactive to find the most reliable, cheapest and the most suitable merchant services for your eCommerce business. Otherwise, you can’t fight the current challenging situation and move your business forward with success. For this, apply to a true payments expert like that guarantees the most unbiased review of merchant services providers in the U.S.
2nd Wave in the U.S.: Businesses & Consumers
Currently, waiters and bartenders are again losing their jobs because of a new closure of indoor dining and drinking establishments. So, hopes for a quick economic recovery is being shadowed.
What about the holiday shopping season? Well, for years, Black Friday has been playing a special role in holiday shopping, but things are likely to change. COVID-19 has brought about huge changes in retail, making consumers head towards a digital future.
In the 2nd half of November 2020, Americans went to malls to do Christmas shopping before the shutdown or to avoid Black Friday crowds. According to Deloitte, during this year’s holiday season, there’ll be a 25-35% year-over-year (YOY) rise in External Link eCommerce sales. Last year, it was 14.7%.
So, recent years have already witnessed rapid growth in eCommerce, but COVID-19 has made this growth accelerate to an incredible extent. COVID-19’s new surge is expected to result in a higher level of growth than what’s registered currently.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment experts like BestPaymentProviders.com. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.