This year, the holiday shopping season will arrive sooner than expected. The spending in the U.S. is anticipated to reach a record high during the holiday shopping period. If you’re interested in how it’ll affect your operations and bottom line, as well as who can help you with chargeback insurance, keep on reading the lines below.
Holiday Season & Chargeback Insurance
First of all be aware that this year, the number of people making purchases in-store is forecast to be far smaller as compared to 2019. According to Salesforce, in the U.S., Cyber Week in November is anticipated to account for $6 billion of retail spending. Globally, that number is expected to make up $26 billion.
With that being said, it’s more critical than ever to work with only a respectable payment expert that’s dedicated to providing unique merchant processing services and help with chargeback insurance. Make sure to apply for the safest and cheapest rates in the space.
Holiday Shopping Season Trends
Now, let’s look at more trends:
- According to the tech company Radial, 41% of consumers aren’t planning to start doing holiday purchases earlier this year.
- 39% are making plans for October or early November.
- 30% are waiting for Black Friday or Cyber Monday.
- According to the Retail Systems, over 81% value accurate information concerning in-stock products while browsing.
- 50% consider 5 days a reasonable time period for delivery, and 28% are ready to wait up to 7 days.
- According to Salesforce, parcels shipped by FedEx, UPS, and DH are going to be 5% more than the capacity by 5% between the week before Cyber Week and Dec. 26. This refers to global stats.
- This year’s holiday growth is going to be less because of the current state of the economy, as Daniel Bachman, an economic forecaster at Deloitte, notes.
- When it comes to holiday retail sales, they’re likely to rise by 1% – 1.5%, according to Deloitte.
In September, approximately 68.9% of the Coresight’s poll respondents were already focusing their attention on the spending concerning retail products instead of services because of COVID-19 restrictions.
Overall, Deloitte reports that eCommerce sales are expected to witness a 25% – 35% YoY increase during the 2020-2021 holiday season, which is more than 14.7% registered last year.
So, this year’s holidays won’t be like any other you’ve had so far. As a merchant, you should take the right steps and make the necessary changes to your strategy and priorities to be ready for anything unpredictable during this holiday shopping season.
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 can best help you with chargeback insurance. 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.