As physical retail in the U.S. endures a period of record store closings, e-commerce continues to enjoy strong growth, according to a new government report. U.S. consumers spent nearly $106 billion online in the first three months of 2017, according to the Department of Commerce.
That’s up slightly from the previous quarter, on a seasonally adjusted basis, and up a whopping 14.7 percent compared to Q1 a year ago. And, there is still room for growth. While e-commerce has enjoyed virtually uninterrupted growth for at least a decade, it still accounts for only 8.5 percent of total U.S. retail sales.
E-commerce and, as a result, card-not-present transactions, are growing globally and they are growing quickly. Along with the opportunity to tap new sources of revenue, CNP merchants are grappling with the increases in fraud that accompany this growth. At the CNP Expo in Orlando next week, the entire community of merchants that accept CNP payments and service providers that support them will gather to discuss ways to leverage the growing appetite for digital commerce and ways to address the challenges that exist alongside that growth. Check out www.CNPExpo.com for more information or to register.