Ecommerce spending enjoyed its seventh consecutive quarter of year over year growth in the second quarter of this year, according to a report by the digital analytics firm, comScore. Q2’s $37.5 billion dollars spent via ecommerce payments marked a 14% increase over Q2 2010.
The number of online retail customers increased 16% over the same period, likely contributing significantly to the overall spending increase. Furthermore, an estimated 70% of all Internet users made at least one payment during Q2.
“It’s clear that consumers are continuing to shift to the online channel, with almost $1 in every $10 of discretionary spending now occurring online,” said comScore chairman Gian Fulgoni. He went on to point out that convenience and low online prices are the driving forces behind ecommerce payment adoption.
Also noted in the Q2 report, was that top-25 online retailers now only account for 66.4% of online sales. Similar as to what was reported in the first quarter of this year, their market share continues to shift in the direction of small and mid-sized retailers.
Fulgoni predicts that, given the economic climate, the third quarter of this year will be a key indicator in what’s to come in consumer behavior, including the future of ecommerce payments.
“With economic growth remaining soft, the unemployment rate stubbornly high and financial markets in turmoil, consumers are less optimistic today than they have been in preceding quarters, which raises concerns for the future. We believe the third quarter will be an important indicator of which direction this economy is really headed and what that will mean for consumer spending.”
Consistent double-digit growth during trying economic times raises the question of how much ecommerce payments will increase when the economy turns around. Is your business’s online presence in a position to take advantage?
For more information on comScore’s findings, click here to access the full report.