In July, 2020, retail sales account for $536 billion, which was up 1.2% as compared to June. Unfortunately, the growth is also true of fraud. To discover more about the retail sales during this COVID-19 period and get easy access to a reliable and low cost high risk merchant account, go on reading this post.
Retail Sales, Fraud & High Risk Merchant Account
Because of COVID-19, so many stores closed their doors, and people were forced to stay at home. Quite naturally, this was going to result in increased online sales. The U.S. Department of Commerce reported that purchases via eCommerce sites reached a record high level.
In July, COVID-19 resulted in unprecedented eCommerce sales growth, according to the most recent data from ACI Worldwide Inc. In July, the global eCommerce transactions grew by 19% as compared to the same period in 2019. Fraudulent transactions by value increased by 4.4%, which was up from a 3.7% increase in the same period in 2019.
Retail trade sales increased by 0.8% yearly, and non-store retail trade sales, including eCommerce, went on growing driven by COVID-19, thus increasing by 24.7% yearly. Food and beverage sales increased by 11.1%.
Given the current situation worldwide, it’s critically important to work only with a reputable merchant processor in your field. With a true payment specialist, you can be sure to get fast and easy access to credit card processing services, including a high risk merchant account.
When it comes to fraud, Americans have already lost $77.4 million because of COVID-19 fraud since the beginning of 2020, as some government statistics show.
More Stats on eCommerce Sales During COVID-19
In July, the total U.S. online shopping accounted for $66.3 billion, as the Adobe Digital Economy Index revealed, which was up 55% from 2019. However, it was lower as compared to the bump in June 2020 when $73.2 billion was spent. The latter was up 76% YoY (year-over-year).
In July, the reopened states witnessed an 8% smaller YoY rise in online sales, as compared to the states where people were still staying at home at the beginning of the month.
As you see, COVID-19 has brought its immense impact on the global eCommerce activity. In the U.S., the eCommerce sales got slower in July as compared to June but increased from July 2019. All the changes in the field once again highlight the importance of working with a respectable payment processor in the country.
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 that offers the safest and cheapest high risk merchant account in the space. 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.