Millions of New Online Customers & False Declines
COVID-19 has resulted in an unprecedented surge in online transactions. The analysis in the field shows that most of the gains aren’t going to disappear even after COVID-19. By the way, many of these online transactions are being completed by those who’re new in all this, and this, in its turn, is resulting in a problem for merchants. Let’s dig deeper into the topic and discover an expert processor, eMerchantBroker.
eCommerce Has Grown: eMerchantBroker
Did you know that eCommerce has exceeded levels not anticipated until 2025 because of COVID-19? eCommerce sales are projected to account for more than $843 billion in 2021.
So, COVID-19 has accelerated the recent year’s growth of eCommerce. On the one hand, eCommerce merchants are seeing new people stepping into the world of digital transactions. On the other hand, these new users are creating a problem of declined transactions.
The thing is that lots of new users aren’t familiar with internet shopping, and fraud systems very often decline them as they don’t recognize them or their behavior.
Forter reports that new users are 5 – 7 times more likely, as compared to returning users, to experience false declines. 40% of these declined customers are seen to go to a competitor without getting back ever.
With the current eCommerce developments in mind, it’s more vital than ever to find a true payment professional to work with. Consider turning to eMerchantBroker, the top high risk merchant processor in the U.S. This way, you can easily get approved for the safest and cheapest merchant processing services without delay.
Online Sales on the Rise
The volume of the global online retail is projected to increase further at the rate of about 15% by 2023. 76% of today’s shoppers consider convenience the top priority based on which they choose a retailer. Moreover, 81% need cross-device eCommerce experiences that can keep them away from friction.
By the way, 54.6% of consumers have reported to be using direct-to-consumer (D2C) channels for buying consumer-packaged goods (CPG), while COVID-19 was at its height, and this has to do with Practical eCommerce. According to McKinsey, COVID-19 has revealed that the application of technology is now more imperative than ever.
To wrap things up, COVID-19 has made shoppers switch to online channels for making purchases and processing transactions. Millions of new online customers have emerged. However, they’ve also led to false declines for merchants.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
