Online retail sales increased by only 1.9% in May 2019 as compared to 2018. What about your own eCommerce business? Are you working with a reliable merchant services provider? Do you need a secure and low cost high risk merchant account to grow your sales successfully? If yes, you’re at the right place.
High Risk Merchant Account to Grow eCommerce Sales
The strongest May growth for eCommerce since 2010 was registered in May 2018. Specifically, the most recent IMRG Capgemini eRetail Sales Index shows that online retail sales increased just 1.9% in May as compared to May 2018. Currently, the state of online retail isn’t simple at all. Let’s have a look at some numbers:
- Clothing has been growing nut with a slower rate as compared to the growth in 2018 (8.2%).
- Health- and beauty-related online retail sales grew with a faster rate during the same period, accounting for a 22.6% rise YoY (year-over-year).
- Electricals and gifts have been falling by 27.5% and 18.5% respectively.
- Accessories had successful growth in previous months, but are now showing their worst performance in 10 years. The growth has been falling 20% YoY.
- Footwear represented the only clothing sector with positive growth (6.7%).
What about your online retail sales? Are you looking for a secure and cheap high risk merchant account that can help you grow your sales faster and with greater success? With a true payments specialist, this can’t be an issue at all. Just shop around to find the right payment processor for your own specific business wants and needs. A reputable credit card processor will get you the safest and cheapest high risk merchant account without challenges.
The State of Online Retail Sales
In 2017, retail eCommerce sales around the globe reached 2.3 trillion U.S. dollars. Online retail revenues are forecast to reach 4.88 trillion U.S. dollars in 2021.
According to Andy Mulcahy, IMRG’s strategy and insight director, when you track this or that movement in an index, you sometimes get results that may not be that much objective, and this was typical of May 2019. May 2018 was one such month with Royal Wedding and a World Cup when people spent generously on retail. With this in mind, 1.9% growth is much lower than one could expect. In fact, it’s the lowest.
Bhavesh Unadkat, Capgemini’s principal consultant in retail customer engagement, notes that wallet share is being fought over. The purpose is to better meet customer needs. If the other sectors rely on these principles when providing their offerings so to stand out from the crowd, provide diversity, and engage shoppers more successfully, they’ll have greater chances of not losing the game.
To sum up, online retail sales increased by 1.9% in May 2019, thus accounting for the lowest recorded growth. Monthly growth is still below the 3-month, 6-month, and 12-month rolling average of 2.2%, 8.2%, and 7.5% respectively. To grow your business successfully, it’s too important to work with a respectable credit card processing company that can help you with the best payment processing services.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most secure and cheapest high risk merchant account in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.