Ecommerce Credit Card Processing: Top Market Sectors for Ecommerce
Ecommerce is a powerful tool for improving market position. Typically associated with credit card transactions, it also applies to any payment that occurs over an electronic system. If your company lacks processing accounts for ecommerce payments, it could be foregoing significant growth within its market sector. As of 2009, the top market sectors for ecommerce were: manufacturing, merchant wholesale trade, retail trade, and selected service industries.
The Importance of Credit Cards to Commerce
When considering the importance of ecommerce to the manufacturing, merchant wholesale trade, retail trade, and selected service industries sectors, bear in mind that:
- As of 2009, 64% of small businesses used small business credit cards, and 41% used personal credit cards.
- As of 2010, small businesses used credit cards more than any other financial option, except checking.
- As of 2010, 78% of consumers owned a credit card.
- The number of purchases charged by consumers grew 10.7% between June 2010 and June 2011.
Theses statistics alone demonstrate the importance of ecommerce credit card processing accounts to businesses that occupy the following market sectors:
Manufacturing
As of 2009, U.S. manufacturers conducted $1,862 million of e-shipments—a decrease of 14% from $2,171 million in 2008. Six subsectors accounted for 70% of the manufacturing sector’s e-shipments: transportation equipment at 17%, chemical products at 14%, food products at 14%, petroleum and coal products at 12%, computer and electronics at 7%, and machinery at 6%.
As of 2009, ecommerce accounted for 42% of all manufacturing shipments.
Merchant Wholesale Trade
As of 2009, U.S. merchant wholesale entities conducted $1,211 billion of e-sales—a 7.6% decrease from $1,311 billion in 2008. Three subsectors accounted for 64.4% of the merchant wholesale trade sector’s e-sales: motor vehicles and auto equipment, professional and commercial supplies, and drugs and druggists’ sundries.
As of 2009, ecommerce accounted for 19.7% of all sales by merchant wholesale entities.
Retail Trade
In 2022, U.S. ecommerce sales surpassed $1 trillion for the first time, reflecting an 8.3% growth from the previous year. This growth, the slowest since 2009, nonetheless set a new record. Ecommerce now represents 21.2% of total retail sales, up slightly from 21.0% in 2021, underscoring the increasing significance of online shopping within the retail sector. This milestone illustrates the continued expansion and evolving landscape of ecommerce in the U.S. retail market.
For detailed statistics, refer to the U.S. Department of Commerce of Digital Commerce 360 reports.
Selected Service Industries
In 2022, U.S. ecommerce sales reached $1.03 trillion, marking the first time ecommerce revenue surpassed the $1 trillion mark. This represented an 8.3% growth from the previous year, the slowest since 2009, but significant enough to set a new record. The ecommerce sector accounted for 21.2% of total retail sales, slightly up from 21.0% in 2021, showcasing a continued trend towards digital shopping and the importance of ecommerce in the overall retail landscape
AVPS has the Ecommerce Solutions You Need
Whether your business occupies one of the sectors above or a different sector, its ability to accept online payments impacts its ability to maximize revenue. At AVPS, we provide ecommerce accounts that allow merchants to experience the dramatic results of conducting business-to-business (B2B) or business-to-consumer (B2C) ecommerce. To learn which ecommerce credit card processing options are right for your business, contact AVPS today.
