As the figures from the weekend’s sales bonanza trickle in, one thing is abundantly clear – people prefer to pay online. With that in mind, the infographic below charts the rise of e-commerce from the early adopters who saw the potential power of the internet to the behemoth it is now and the monolith it will be in the future.
It traces the biggest e-commerce acquisitions in the past ten years such as Amazon’s purchase of Zappos, an online shoe retailer , as early as 2009.
Another example of the increasing e-commerce dominance is the fact that major retailers, stalwarts of the high streets, are closing down or planning to close down many of their branches. In the US Staples will have closed 225 of its locations by the end of 2015.
The Merchant Risk Council is a global trade association that brings together industry professionals in fraud, risk and payments. The conference saw speakers from the likes of from PayU, JPMorgan Chase, Google and Santander who all took part in educational sessions and spoke about where the industry is heading.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
Andrew Quartermain, VP Sales at ACI Worldwide, explains that the growth of e-commerce and the rapid rise in the popularity of smartphones has played a big part in driving retail change, with today’s consumer now able to browse, compare, buy, receive and review products at their convenience, wherever they are. Highly connected consumers are demanding a more personalized and seamless shopping experience, wherever and however they choose to shop - and retailers have had to undertake a shift from paper to digital technologies to keep up with this demand.