Why your business need an eCommerce account
Online sales have steadily increased over the past 10 years with as you would expect a huge leap for 2020. Looking back to 2006 online sales accounted for only 2.8% of retail sales, which has steadily rose by around 1.6% annually. 2020 started at around 20.1% of retail sales but quickly jumped to 32.8% in May 2020, September saw 26.1% and as restrictions tighten this figure will rise again.
The value of online sales
Between 2016 and 2018 online sales went up by 80 billion pounds with 2018 reaching a value of 688.4 billion pounds. It is estimated that 2020 online sales value will be 690 – 708 billion pounds. This increase especially in 2018 was not just out of necessity for businesses but the usability factor of online shopping. Having a seamless and simple online platform for customers is key to ensure that your share of the billions is in your business bank account. As well as the natural increase in online sales 2020 has brought a necessity to shop online which has forced most businesses to go digital if they hadn’t already done so.
The importance of having an online presence
The figures certainly speak for themselves and with a 30% of all retail sales occurring online it is an opportunity that can’t be missed. In these uncertain times, with more localised national and local lock downs your business needs the ability to seamlessly move to online sales especially when customers can no longer walk through your door. Most businesses have websites although not all have eCommerce facilities which let the customer purchase products or services directly from your website. This facility will have a much greater reach than your store or premises due to the nature of the internet and viewing capabilities.
Remember you the business owner is still in control when it comes to eCommerce, special offers, sale items and promotions to entice customers to purchase. This platform is your new shop front and your window to the online market, ensuring that your eCommerce platform is simple to use is key in ensuring customers purchase from your website.
Many businesses have taken the steps to move online and most due to necessity and speed to have an eCommerce account are now paying high processing rates. These rates are placed on each purchase on your website with many providers offering free eCommerce platforms which have higher processing fees to recoup costs. First Payment Merchant Services are able to offer rates from 0.4%, so if you already have an eCommerce platform, we could potentially reduce the cost you pay for each transaction significantly.
If you require an eCommerce platform or any other payment solution, then please contact us to discuss your needs.