Online shopping continues to grow popular with time. And its impact can be felt even by merchants who choose to retain their physical stores. The point of sale is now experiencing significant changes and is expected to make work easier for the businessperson.
This means payment providers must adopt the new modifications if they have to keep up with the increasing numbers and rates of online shopping. First, we need to acknowledge that the shift from selling in-store to trading online comes at the cost of face-to-face transactions. A report disclosed that e-commerce would experience an upsurge from 2016’s $518 billion to $708 billion come 2021, whereas in-store sales will increase from $4.46 trillion to $4.36 trillion.
Another study by the Department of Commerce indicated that of all United State’s 2017 third-quarter sales, e-commerce made 9.1%, a rise from last year’s 8.2% during the same quarter.
For payments processors, this growth in online retail is no sign of a drop in the significance of physical POS sales. It’s important to remember that most in-store merchants also insist on having a dependable digital presence, only that most times there’s no proper synchronization of the two. Often, brick-and-mortar merchants have a different …