First Data processes nearly half of all US transactions, or $1.7 Trillion in commerce annually in the US alone, which provides the company with unparalleled insight into spending habits across the country. First Data’s SpendTrend® report analyzes credit and debit transactions, as well as EBT purchases. This year, the SpendTrend® report analyzing consumer spending on Thanksgiving Day and Black Friday provides a clear message: Americans still love shopping on Thanksgiving and Black Friday, and online sales are more important than ever.
Americans love their deals and 2015 was no different. Overall, spending on Thanksgiving Day grew 14.3%, while Black Friday spending grew 8.2%. This year, however, instead of rushing to stand in line at their favorite big-box retailer, shoppers were getting online from the comfort of their own homes. As the family chef was waking up to stuff the turkey, the rest of the family was surfing the web to catch the best deals of the day. Online sales grew 14.3% overall. Online sales as a percentage of total spend steadily grew from 13.6% in 2013 to 18.3% in 2015, indicating an ongoing shift from brick & mortar to eCommerce.
We live in a world where online spending continues to grow at a dramatic pace and where the international borders blur in the context of trade. This is an excellent time and opportunity for businesses looking for new avenues for growth. But there are challenges that come along with doing business online. In such intense environments, every second that a business is unable to accept payment leads to significant losses in revenue and businesses are also more susceptible to fraud in their eCommerce applications. In choosing a partner for payment services, it is imperative that businesses carefully evaluate the security features and reliability offered by the payment service provider alongside other features. Security and reliability are at the very core of what we offer to our customers as part of Payeezy.