Online and Mobile Payments Continue Explosive Growth Trajectory
While holiday numbers overall in the U.S. are showing somewhat tepid growth, the online and mobile channels are booming and two recent reports say that explosive growth shows no signs of waning in the U.S. and around the world. Washington, D.C.-based FTI Consulting said online’s share of total U.S. retail sales is nearly 11 percent, up from 7.4 percent in 2010. Online sales, which FTI said will reach $300 billion for all of 2014, will rise to $335 billion next year and $512 billion by 2020.
“While we approach the 2014 holiday season with a fair degree of caution, we believe the online channel remains the juggernaut of the season for many retailers,” said Steve Coulombe, senior managing director and co-leader of FTI’s retail & consumer products practice. “We have slightly increased our forecast for online sales compared to a year ago due to the growing potential of this channel.”
From a global perspective, Hamburg, Germany-based yStats.com reported the total value of online and mobile payments worldwide will top €3 trillion ($3.6 trillion) in the next five years. The fastest growth will come from the mobile channel as one-touch checkout continues to take hold.