Feb 11, 2013 Missy Rogers
Company executives have heard for years that providing customers with electronic payments methods will be crucial - and apparently they have followed that advice.
According to a recent eMarketer study, worldwide business-to-consumer ecommerce sales increased 21.1 percent from 2011 to 2012, exceeding earlier predictions to top $1 trillion.
"[Companies] saw huge growth this year not only because online shopping is popular, but also because they selected the right tools and practices to execute successful ecommerce solutions," Maria Haggerty, president of Dotcom Distribution, recently said in a statement.
The report projected that ecommerce sales will achieve an 18.3 percent year-over-year jump in 2013, to nearly $1.3 trillion. While North America grew slower than the Asia-Pacific region, it still accounted for more than one-third of all ecommerce sales worldwide, with U.S.-based companies making up the majority of that market. Electronic payment purchases in North America are expected to surge past $400 billion by the end of 2013.
At the same time, electronic payment strategies cannot remain stagnant. Haggerty predicted that companies will be forced to constantly change their ecommerce measures "as a result of consumer trends and technology."
"These retailers flourish because they stay on top of these trends and are dedicated to continually improving the online buying experience," Haggerty said.
The Dotcom Distribution report consisted of several pointers that businesses may want to adopt in the near future, including offering a seamless cross-channel shopping experience. Although mobile ecommerce currently accounts for a small portion of the market, the sector is expected to grow rapidly as consumers continue to purchase smartphones and tablets.
In addition, as businesses increasingly tap into electronic payments technology, companies will need to find a way to separate themselves. Haggerty suggested implementing strategies that will make the shopping experience as quick, easy and personalized as possible.