Earlier in the season experts made rosy predictions about the upcoming 2019 holiday retail season. Even in the face of market volatility and the uncertainty of tariffs, persistent economic growth and consumer stability inspired expert optimism. The National Retail Federation predicted an increase of between 3.8 percent and 4.2 percent. And from current indications, it looks like the experts were not far off. What insights can we gain from this info, especially those who are looking for the best credit card processing company?
Despite a shorter than usual holiday season with Thanksgiving falling late, consumer spending nearly kept pace with predictions. According to a preliminary report released by Mastercard Spending Pulse, holiday retail sales rose 3.4 percent over 2018. These numbers include cash, check, and e-payment transactions. Mastercard Spending Pulse analyzes spending across all common payment methods.
A notable and perhaps unsurprising takeaway includes the growing significance of e-commerce. Online sales rose 18.8% over the previous year with e-commerce holiday sales now constituting 14.6% of total holiday retail sales. Large department stores saw in-person transactions decline and online sales increase.
Thus far, the 2019 holiday season data confirms what most suspected; the growing importance of omnichannel sales. Online transactions continue to gain traction, but brick and mortar sales remain significant, especially for smaller businesses and for particular industries, i.e. food service, which is often excluded from retail estimates. Nonetheless, it’s clear that as a merchant you will benefit from the ability to conduct and track sales across multiple channels, whether in person and or online.
So how did your business stack up? Did sales meet expectations and did your operation run as smoothly as possible? The combination of high volume and scheduling challenges, including the challenge of fitting in seasonal staff into your workflow, even as they may or may not have had time to train adequately, means you need the best tools available, tools that streamline operations and reduce the likelihood of error. Keep in mind that often, the best tool is the easiest tool to implement and use.
In your search for the best credit card processing company, you need to consider what makes running your business up front and in back as simple as possible. At Moolah, we offer the attractive and user-friendly POYNT Smart Terminal. A cloud-based point of sales system, POYNT Smart Terminal offers integrated inventory tracking, scheduling, and accounting applications, reducing admin time and the probability of human error. Possessing the right payment platform means better operations and better results, and Moolah, together with Poynt, is able to deliver.