After the summer lull, it’s full steam ahead as everyone gears up for the Christmas rush. For many online sellers, this will be the busiest time of the whole year. Planning may have already began, and for many, the planning phase may be over already.
The traditional scene of people heading in droves to shopping malls is still alive, but more and more people are turning their backs on busy parking lots and are instead going online to buy Christmas presents. They can buy products faster, more cheaply and whenever and wherever they want – the perfect alternative to those stressful days at the mall.
Last year was the best ever holiday season for Amazon, with a record breaking 36.8 million items ordered worldwide (that’s 426 items per second). In the third week of December alone, more than 1 million customers around the world became Prime members. This resulted in more Prime items being shipped worldwide than ever before on Amazon’s peak shipping day.
Last year, the proportion of people in the US completing all of their shopping online increased from 11% to 17%, while those doing all their shopping in-store decreased by a similar amount to 16% according to stats from e-consultancy. And between November 1st and December 19th last year, the number of items sold on Amazon by companies that market their products on an online marketplace increased by 40% from the last year.
This Christmas, online spending will continue to soar. Economists predict that with a stronger economy this year, increased spending powers will translate into solid holiday sales. According to shop.org, online sales could grow as much as 11% this Christmas period, a significant jump from last year’s 8% increase. With consumers expected consumers to spend, on average, $550 on gifts this year, there’s a lot for online sellers to play for.
For US online sellers who are looking to import goods from Europe – with the euro currently struggling – they will be able to get a lot more for their money. But those who are selling in Europe and want to repatriate their profits from local bank accounts to their US one will be hoping that the euro recovers so that their euros translate into more dollars.
Either way, getting a competitive exchange rate will play a big part in how far your money will go, and that’s where currency companies like World First can help.
Here’s to hoping your business has a profitable Christmas and prosperous new year. All this talk of Christmas… online sellers will be all Christmas-ed out by the time the big day actually arrives!