Now is a time for being thankful — for food, for family and, of course, for shopping. The holiday season is always a high volume time for businesses, and one of the biggest days of the year for shopping is now upon us – Cyber Monday. Today is a day for explosive eCommerce activity, but how much do you really know about what is happening with the biggest online retail day of the year? Payline is here to give you insight on our 2017 Cyber Monday predictions and online payment preparedness.
eCommerce Merchants: Be Aware on Cyber Monday
It is no secret that online and mobile commerce has taken off in a big way over the last few years, making payments as easy as breathing for merchants and their customers. The anticipation for Cyber Monday 2017 combined with the rise of online and mobile payments brings predictions that may change that in the years to come. Here are the top trends surrounding the cyber event of the 2017 holiday season:
- Online sales alone (yes, JUST online sales) during the holiday season are predicted to reach $107.4 billion. This would be the first year ever to break the barrier of $100 billion, which would mean an increase of nearly 14% over last year’s online sales.
- Cyber Monday will contribute largely to this prediction, given that Cyber Monday 2017 is anticipated to be the largest online shopping day in history (eCommerce merchants, this is one to be ready for!). This year is predicted to bring in $6.6 billion in online sales, which is nearly a 17% increase from Cyber Monday last year.
- For the first time ever, the use of smartphones and tablets will surpass desktops in term of the traffic volume, at 54% and 46% respectively.
As an eCommerce merchant you might be wondering, how are you going to make sure you are a part of this turning point of digital retail? These predictions for 2017 holiday eCommerce are supported by merchant suggestions to have wide selections, free shipping and easy shopping experiences. Retailers will be working hard to accomplish these and other ways to ensure a successful Cyber Monday shopping experience, but managing the high volume of online transactions are easier with help. Working with a payments partner like Payline at your eCommerce business means great merchant support and a solid payment gateway for easy online payments, and safe ones at that.
Ensure Customers Are Practicing Safe Cyber
In the last several months, Walmart and Amazon have been competing in a close race for King of Online Retail, and Cyber Monday is sure to be a big opportunity for both retailers. With high-volume online payments also comes high-volume fraud risks, which means merchants should be proactive, not just reactive when it comes to fraud prevention and cybersecurity.
Almost 50% of small businesses become victims of fraud, so for customers to pay with confidence at your eCommerce business, here are some suggestions to make their Cyber Monday experience with you a fraud-free one.
Learn From Others
There has been a lot of reporting over the last several months about one of the largest data hacks in history, the Equifax Breach. When hacks occur, customer payment information is a hot target that can lead to fraud problems and chargebacks for you as a merchant. Look to past experiences and make sure your business closes any security gaps and has what it needs to do so.
Invest In The Right Tools
A good online payment processor shouldn’t just process payments for you, they should be equipping you with the best fraud protection tools while you process. This could include real-time alerts and an address verification system (AVS) to catch fraud as early as possible.
Prioritize PCI Compliance
Where there are credit cards, there’s PCI. It’s not only a good way to practice safe cyber, it’s also a mandatory security measure for merchants accepting credit cards anywhere. Being PCI compliant is a continuous process, not a one-time task, so make sure your business stays current with PCI compliance regulations.
Online and mobile payments will be leading the charge in holiday commerce, and it kicks off in a big way today with Cyber Monday. Beyond just this day, however, a solid and secure payments experience will always be important to your customers. That’s why it is vital to the continued growth of your business to have a great payments partner at your side. When you work with Payline, you’re working with a partner who will deliver a killer payments experience for you and your customers, whether you’re an online, mobile or in-store business.