Q3 eCommerce Results Show Growth, Again

The United States Department of Commerce reported this morning that eCommerce in the U.S. continued to see growth in the third quarter of 2016.

Total online sales grew 15.6 percent in the third quarter year over year. Online sales reached a total $93.67 billion.

Though the growth was not quite as much year over year as in Q2 2016, which saw 15.9 percent, it’s still a considerable jump.

Total retail sales in the three months ending September 30 of this year reached a total of $1.2 trillion. This means that eCommerce accounted for 7.7 percent of sales overall for Q3, up from 7.5 in Q2 and in line with the first quarter of 2016.

Interestingly, adjusting for seasonal variations, holiday and trading-day differences, the Commerce Department estimates Q3 web sales actually reached $101.25 billion, up 15.7 percent from $87.53 billion a year earlier. Total retail sales remained about the same when adjusted.

Overall, eCommerce sales have remained steadily in an upward trend compared to total sales since 2006, when eCommerce accounted for just 3 percent of total sales.

Further, when looking just at October of this year, the data shows that eCommerce may already be off to a strong start for the upcoming holiday season. Online sales reached $48.24 billion this past October, up 12.9 percent compared to $42.74 billion in sales in October 2015.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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