Digital Transactions
Consumers are projected to be shopping more online this holiday shopping season, compared to the same period a year ago. Data released Tuesday by payments-technology provider ACI Worldwide Inc. projects a 15% increase in e-commerce transactions from October through December, compared to the same period in 2021. The projected increase is good news for merchants as consumers grapple with inflation and merchants still face inventory shortages, according to ACI.
The increase will be driven primarily by fashion and home and furnishing sales, ticketing and travel bookings, and iGaming, according to ACI. Discounts and offers, as well as buy online, pick up in store hybrid offerings, will also continue to drive online transactions, ACI says.
“This year’s focus has been more on discretionary spending,” Basant Singh, head of merchant for ACI Worldwide, tells Digital Transactions News by email. “Overall, we’re seeing shoppers spend more on experiences rather than physical items as pent-up demand for travel, events, and concerts remains strong post Covid.”
Nevertheless, Singh cautions that consumers are expected to be more price-conscious this year as inflation and economic uncertainty loom.
E-commerce transactions between Thanksgiving and Cyber Monday, a key period during the holiday season for merchants, are projected to increase 10% overall compared to 2021. Transactions on Thanksgiving are projected to rise 9% from a year ago, while volume on Cyber Monday is projected to increase 5%, ACI says. Other shopping days projected to see large increases from a year ago are Christmas Eve (16%) and Christmas day (8%).