The 2018 holiday shopping season is knocking the doors! Any small business owner knows that holiday sales can either make or break their bottom line. So, how are you going to make your bottom line? Do you have a reliable high risk merchant account? Where can you get it? Just keep on reading below to get a better idea of all this.
Making Purchases During Holiday Season
For some retailers, the holiday season accounts for almost 30% of their total yearly sales, as the National Retail Federation reports. A recent survey reveals that Americans aren’t counting out small businesses for their holiday shopping. Buyers feel anxious about online purchases during the holiday season. Particularly, they want to be sure their purchases will show up on time.
On the other hand, smaller merchants’ confidence to meet the deadline is growing. 2017 data from over 30.000 US small- and medium-sized merchants running their online stores showed that there was an average 23% year-over-year (YoY) increase in sales for the two weeks before Christmas.
According to a 2018 In-Store Holiday Shopping survey of 1.200 US consumers in August, 88% of shoppers are going to make purchases in physical stores this holiday season. Namely, younger generations intend to visit a brick-and-mortar store this year.
88% of people aged 18-29 report they’ll make purchases in stores this holiday shopping season. This is an 8%-point increase from 2017. 92% of people aged 30 to 44 plan to make in-store purchases this season. By the way, 47% of holiday shopping will happen before December, as the survey shows.
Preparing for Holiday Season Shopping: High Risk Merchant Account
Based on the above-mentioned data from 2107, online retailers witnessed an average 14% growth in the volume of orders. Average order values grew by nearly 10% for the same time period written above. The famous products included:
- Sporting goods
- Health and Beauty
- Home and Garden
- Arts and Crafts
The survey also reveals that small business sellers who build a well-thought business and marketing strategy to handle the holiday season can compete with Amazon, Walmart, and other major players in the eCommerce field.
What about you? Are you prepared for the holiday season? Do you need low-cost and secure merchant services to take your business to the next level? Consider turning to a reputable payment processor that provides exceptional merchant services, including a high risk merchant account, with the best terms and the lowest rates in the industry.
Shoppers usually tend to make in-store purchases when they need large items or when they want, e.g., to look, feel, or open the product they’re interested in.
The advanced payments technology options such as mobile order, e-commerce, mobile payments, checkout solutions, contactless payments increase consumers’ engagement with merchants, which can’t be overlooked if you want to achieve success.
As Jason Oxman, CEO of the Electronic Transactions Association, notes, the best-positioned merchants during this holiday shopping season won’t merely concentrate on accepting cash, coins, and cards at a cash register.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers an affordable and secure high risk merchant account, and other merchant services. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.