Adapting eCommerce Practices: 5 Options to Consider
According to McKinsey, overall retail sales in the U.S. increased 3.3 times more in 2020 as compared to the average annual rate in five years before COVID-19. What practices should you adapt for your eCommerce business? Who can help you with best merchant account for eCommerce?
Adapting eCommerce Practices: Best Merchant Account for eCommerce
In 2020, online retail sales’ shares of total retail sales grew from 16% to 19%, as a recent UNCTAD report has shown. Let’s see how businesses adapt eCommerce practices:
- Many businesses offer customized experiences and services based on customer location. This is a common practice in China.
- The integration of online, offline, logistics and data across a single value chain (OMO) represents the “new retail.” And this is another tactic businesses use.
- Increasingly, social commerce is gaining more traction. This is a way to incorporate social media into the eCommerce experience. As a result, shoppers receive real recommendations offered by real users, which serves as social proof that can help shoppers make the right choice when purchasing goods.
- Livestream retail is another practice. It allows shoppers to ask real-time questions, find answers to their questions, thus getting more engaging in the sale.
- What about the so-called invisible retail? This is about seamlessly integrating technology with the physical environment. The use of augmented reality (AR) in retail is one of the examples. Such practice aims to better connect with consumers both in and out of the store.
eCommerce sales continue to grow all over the world. In 2020, global eCommerce sales for the retail sector surpassed $4 trillion in 2020. In 2022, the amount is projected to make up $5 trillion. What eCommerce sales tactics are you applying to successfully grow your business?
One thing is certain: you need to offer the right merchant processing services to your customers. Otherwise, you won’t be able to navigate the increasingly complex world of commerce and boost your sales.
For this, you need to find the best merchant account for eCommerce from a reputable provider. You can do this easily by working with a respectable payments comparison specialist that’s focused on terms, complaints, and integration.
Applying eCommerce Practices
eCommerce transactions are getting more widespread around the globe. It’s more vital than ever to offer proper payment processing services to your customers.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best merchant account for eCommerce. 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.