The US Census Bureau surveys4.900 firms each month and publishes sales data based on the survey results. In 2016, the US retail industry generated $1.087 trillion, which was 5.9% of US gross domestic product. According to the National Retail Federation (NRF), that US retail sales will increase 3.2% – 3.8% in 2017, with strong sales leading into the holiday season.
The US Retail Industry
Products get to consumers through retailing. Retailing supports the $1.08 trillion US wholesaling industry and contributes to the $2.175 trillion US manufacturing industry.
The holiday shopping season is the most important time of the year in retail. It starts the day after Thanksgiving. Nearly 20% of annual retail sales happenduring the period from Black Friday to Christmas.
Internet retailing is growing the fastest-growing sector. It’s projected that the online retailing will account for $523 billionby 2020, at a growth rate of 9.32% each year until then.
Mobile devices, particularly cell phones, serve as the biggest source of Internet traffic. 270 million shoppers are anticipated to use their mobile devices for researching and making purchasesby 2020.
What Should eCommerce Merchants Do?
According to Fung Global Retail & Technology, eCommerce, as a shopping channel, will become even more popular, surpassing brick-and-mortar shops. FGRT is a company that provides future-focused analysis, thought leadership and partnership building to organizations navigating the intersection of retail, technology, and fashion.Based on the company’s recent survey, 82% of consumers plan to buy holiday gifts online, and 77% will choose physical stores for this purpose.
With this in mind, it’s critical for merchants to turn to respectable high risk merchant account providers to get the best payment processing services for their businesses. With a reputable processor, you can enjoy the lowest possible rates, and unmatched chargeback protection and prevention services in the industry.
eCommerce merchants should:
3.Promote special offersthroughout the holiday season
9.Monitor customer reviews and respond to negative feedback
Merchants should keep an eye on purchase trends and consumer preferences so to be able to leverage that information to achieve record sales during the best shopping seasons of the year.
Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No. high risk merchant account provider, serving both traditional and high-risk merchants.