Global eCommerce Transactions Expected To Grow 15% During 2022 Holiday Season, Showing Optimism
10% increase in eCommerce transactions anticipated between
Thanksgivingand Cyber Monday
- Growth in travel and ticketing sectors continues to be strong post COVID restrictions
- Inflation teamed with limited inventory slightly softening retail sales in 2022 compared to 2021
- Fraudsters target high-value purchases such as electronics, travel and events as friendly fraud and account takeovers are expected to continue into the holiday season
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221108005139/en/
“Consumers are quietly optimistic with their holiday season spending, but will be more price-conscious this year as inflation and economic uncertainty loom,” said
ACI’s eCommerce intelligence reports that the main sectors driving growth during the 2022 holiday season will be gaming (34%), travel and ticketing (29%), telco (18%), home improvement (13%) and fashion retail (7%).
Mobile payments slightly increase and preference for digital wallets grows
Mobile payments are projected to increase 5% during the 2022 holiday season, compared to the same period in 2021, while the average ticket value (ATV**) is expected to grow by 45% (
The ATV for buy now, pay later (BNPL) is anticipated to grow 10%. As inventory shortages persist, ACI forecasts a revival of the gift card industry with an expected 2x increase in ATV. Furthermore, spending within the gaming sector is predicted to rise 34% in transaction volume.
“Consumers are savvier on payment methods like BNPL as they look to delay spending by breaking up their purchases into smaller installments,” Singh continued. “In addition, consumers are showing a strong preference for digital wallets as a payment method as they shop more online and less in stores this holiday season. Merchants may want to consider improving the BNPL checkout experience for people with higher credit-approval rates. In addition, ensuring a smooth experience with digital wallet acceptance and strong fraud prevention in place will be beneficial.”
As merchants instill shipment cutoff dates for last-minute shoppers, the volume of transactions is expected to increase 24% for shipment cutoff: priority, 15% for shipment cutoff: ground and 10% for shipment cutoff: express. However, buy online, pick up in store (BOPIS) is forecasted to go up 9% during the 2022 holiday season compared to 2021, as consumers consider this alternative to paying for shipping. “With inflation driving shipment costs up, we can expect to see shoppers turning to other delivery channels like BOPIS to curb their expenses,” Singh concluded.
Fraudsters targeting high-value items
According to ACI data, the volume of friendly fraud increased 22% and the average transaction value grew 39% from January through
“We’re seeing a significant increase in the average ticket value of friendly fraud, indicating that fraudsters are targeting high-value items like electronics and travel,” said
* Holiday season refers to the period October through December.
** Average ticket value refers to the dollar value of transactions, comparing last year to this year, like-for-like global retail customers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005139/en/