October 5, 2017
Holiday preparations are well underway for card-not-present merchants and early predictions indicate they can expect strong growth in sales. This week, the National Retail Federation said it expects overall U.S. retail sales in November and December to grow around 4 percent from last year to a total of $682 billion. The NRF did not break out e-commerce from the overall numbers yet, but online sales growth outpaced overall growth by a factor of more than 3 last year and several reports have pegged growth this year north of 15 percent.
The fundamental indicators of growth, both online and in physical stores, are strong heading into the peak holiday season, according to Jack Kleinhenz, chief economist for the NRF.
“Consumers continue to do the heavy lifting in supporting our economy, and all the fundamentals are aligned for them to continue doing so during the holidays,” Kleinhenz said. “The combination of job creation, improved wages, tame inflation and an increase in net worth all provide the capacity and the confidence to spend.”
The holiday season is grueling for people in every area of retail, and fraud departments are no exception. While this year’s preparations should be nearly complete, some merchants are not as ready as they could be, leading to possible challenges safely fulfilling the onslaught of orders. For those who want to improve next year, read one e-commerce fraud professional’s take on year-round preparedness. Learn what you should be doing—and when—for a smoother holiday season.