E-commerce transactions continue to increase globally during H1 2021

The surge was partly driven by the 122% increase in ticketing and travel sales

e-commerce

E-commerce transactions continue to increase globally during H1 2021. Source: unsplash.com

According to ACI Worldwide, e-commerce sales have surged by 15% in comparison to the same period in 2020.

The surge was partly driven by the 122% increase in ticketing and travel sales. Home improvement and digital entertainment sales also increased as consumers immersed themselves in DIY projects. Gamers also had no option but to find new channels and methods to interact with the gaming community.

And now that travel restrictions are easing across the globe, vendors are offering greater flexibility for customers to change travel times and dates. More people are now confident to resume travel. This will boost sales for the ticketing and travel sector.

The global eCommerce market continues to grow at a rapid pace as customer buying journeys have changed permanently due to the pandemic. However, the rise of eCommerce has also created a radically new fraud environment in which old ways of detecting and preventing fraud will no longer work. Merchants embracing payments innovation, to keep pace with digital demands, must also deal with the challenges of an evolving fraud landscape, or risk losing customers and ultimately revenues
Debbie Guerra, executive vice president, ACI Worldwide

Fraudsters are now adopting consumer payment and buying journeys. Mobile fraud has risen by 1.22% and 1.32% in the first half of 2020 and the first half of 2021 consecutively. The Buy Online & Pick up in Store (BOPIS) channel has recorded a 6.17% rise in fraud attempts in the first quarter of 2021. This is an average increase of $4 compared to the first quarter in 2020. The telco and gaming sectors recorded the highest fraud attempt rates. However, fraud attempts in other sectors have reduced in 2021.

In Q1 2020, the average fraudulent purchase value was $179. This dropped to $144 in Q1 2021 and rose back to $139 in Q2 2021. Fraudsters are now targeting low-value gaming items as opposed to high-value travel items. Low-value purchases are used to test a merchant’s fraud control ability before moving for a higher target.

We’ve reported that Venmo users can now purchase crypto with their cashback.

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