Thursday, September 15, 2011
As high street continues to experience serious woes, online consumer payments have propelled many businesses with web-based payment processing services toward success. While the summer had its ups and downs in the retail industry, many are expecting the holiday shopping season to be a success, though with a solid amount of caution, eMarketer reports.
According to the source, ecommerce retail sales reached its highest point in 2010, representing $32.6 billion in the holiday season alone, while online consumer payments have not come close to the peak experienced in April in the past four months.
"Price-conscious consumers will shift more of their gift spending from stores to the internet in order to take advantage of web features that make it easy to compare prices and find good deals," principal analyst for eMarketer Jeffrey Grau told the website.
The struggling economy, Grau later added, is still a big concern to online vendors, as it could lead to cutbacks in overall retail spending.
New technology to foster these online consumer payments does necessitate a reassessment of regulations such as PCI compliance requirements. The PCI Security Standards Council recommends merchants to ensure their practices meet regulation and keep consumers safe this holiday season.