Amongst other insights, Monday is announced as the busiest day of the week for Retail and Insurance merchants, with the Finance sector busiest on Mondays, Tuesday and Fridays equally.
Realex Payments today published its annual ‘Top 3 Sectors - Trends and Transactions’ infographic for 2013. Overall, Realex Payments volumes increased by 54% between 2012 and 2013, with in excess of 145 million transactions processed valued in excess of £20 billion. In addition, the company saw significant growth in its top 3 performing sectors (Retail, Insurance and Finance) in 2013.
An analysis of the transactions processed across Realex Payments’ top 3 sectors has indicated a 54%, 74% and 95% rise in the number of transactions in 2013 from 2012, across the Retail, Insurance and Finance sectors respectively.
Realex Payments’ significant increases in transaction values in 2013 further supported this trend:
- 32% increase in Retail, from £1.014bn to £1.341bn
- 65% increase in Insurance, from £1.499bn to £2.472bn
- 76% increase in Finance, from £3.382bn to £5.953bn
The company’s Retail growth has exceeded the industry standard, as represented by IMRG’s ‘E - Retail Index December’ that reported 16% growth for the online retail market in 2013.
The infographic, from one of Europe’s fastest growing PSPs, is a good representation of online payments activity in the region and illustrates a number of industry insights in relation to consumer patterns during the year including busiest spending days. Monday remained the busiest day for payments processing in Retail and Insurance however in the Finance sector, Monday, Tuesday and Friday each processed 18% of the weekly transactions tying in the race for busiest transacting day.
One thing to note is that consumers are not just buying high value items online; Realex Payments has noticed a decrease in the Average Transaction Value (ATV) across all three sectors in 2013, all dropping between £12-£14 since 2012. A recent article by Econsultancy highlighted how IBM also noticed a lower AOV (Average Order Value) through mobile sales as their mobile traffic grew 58% on Boxing Day 2013. IMRG’s ‘E - Retail Index December’ also reported that e-retail average basket values in 2013 (excluding travel) declined by 5% reaching an average of £78, compared with an average of £82 in 2012.
Andrew Yoakley, Head of Business Development commented “Over 2013 we have seen incredibly positive results, with both our value and volumes increasing significantly. The company now processes over £20 billion per annum for over 12,500 merchants and we forecast these growth rates to continue as we deliver on our expansion strategy.”
“As the British Retail Consortium and KPMG announce a 5.4% increase in retail sales for January 2014, Realex Payments are off to a phenomenal start, with January processing volumes 21% higher than 2013 in the Retail sector alone. As well as serving customers with secure and reliable payment processing, Realex Payments are passionate about giving back to the industry by reporting industry trends and sharing knowledge to help understand how we can all better serve our customers.” Mr Yoakley concluded.