The holiday shopping season is officially here, and consumers are ready to spend—big time—according to a recent analysis by Forbes. As consumers increasingly spread shopping experiences across multiple mediums – traditional malls, big-box stores, and online shopping and e-commerce – businesses that are equipped to accommodate the influx of online traffic stand poised to reap serious benefits.
Take a look at these holiday shopping stats:
- Black Friday is still the busiest shopping time for storefronts, but foot traffic declined nearly 9% from 2017.
- Consumers spent $3.7 billion online in 2018, a 28% increase from 2017.
- Online Black Friday sales generated $6.2 billion, an increase of 23.6% from 2017.
- Mobile devices accounted for 68% of online traffic and 54% of orders on Thanksgiving Day.
- Mobile devices made up 67% of all digital traffic on Black Friday, a 61% increase on the same day last year.
In the age of online shopping, e-wallets and cashless checkouts, the “customer experience” is crucial. These days, consumers want and expect an expedited checkout process both in stores and online, frictionless mobile payment processing, in-cart transparency, and, of course, data security.
If your business or organization isn’t equipped to accommodate these consumer preferences, you might be missing out on both traffic and revenue.
Mobile payments refer to any transaction for a product or service that is made through an app, website, or payment processing attachment on a smartphone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes. Mobile processing differs from traditional payments such as cash, checks, or debit and credit card information that require a stationary touch screen or computer.
The expansion of mobile payment processing is driven largely by consumer demands, but it’s also easier for retailers. Moving more consumers through checkout efficiently with a mobile point of sale system can drive business in-store and provide customers with a seamless, PCI-compliant checkout experience online. As more consumers turn to online shopping, retailers that adapt to the changing market will be well positioned to capture future growth.
Consumers often add items to their cart whether or not they intend to buy them. This is especially true during high traffic periods, such as holiday shopping. However, Retail Dive reports that an estimated 23% of customers will abandon the items in their cart if they can’t see the total up front, including taxes, shipping costs, and delivery dates.
Retailers that can make the online holiday shopping experience easier on consumers, including securing and organizing their online carts, can reap the benefits of online shopping.
Online shopping isn’t just for revenue-generating organizations, especially during the holidays. Giving Tuesday is one of the biggest days of the year for non profits and an important source of revenue for their operating funds.
A non profit payment processing system can help these organizations streamline donations during Giving Tuesday or any day of the year through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.
Payscout is a trusted, global payment processing provider working across six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. Payscout makes it easy to manage payments on-site and across online and mobile platforms. Payscout even offers customized API connections for utility payment processing and integrates with over a dozen software applications. If you work in a healthcare environment, Payscout’s mobile payment processing services can help drive revenue efficiently and securely.
Discover how you can leverage consumer preferences for online shopping at www.payscout.com