Recent data from Visa shows consumers are spending more online than ever before, which is lucrative news for businesses branching into online retailing.
Online sales through the Visa network, VisaNet, have surpassed $1 billion a day for 188 out of 274 days in the beginning of this year, demonstrating billion dollar days have become the norm rather than the exception.
VisaNet already handles 48 per cent of global online transactions, and is well prepared to handle the approaching busy holiday period.
Each summer in America, Visa runs its annual stress test to ensure the eCommerce network can handle running at full capacity.
The test also allows a group of engineers to determine how the system could be improved, in order to future proof Visa’s commitment to providing consumers and online retailers worldwide with a reliable form of payment.
The system now has the capability to process 47,000 transaction messages per second, and currently only experiences about a third of this capacity in everyday business.
The news is also encouraging for retailers in Australia, with figures from Frost and Sullivan showing online shopping in Australia is expected to account for 7 per cent of total retail sales in 2013.
Total online spending is forecast to reach $18.3 billion for the year, which equates to an average annual spend of $1,750 per online shopper in Australia.
Online purchases from local businesses have also been increasing steadily since 2011, reaching 29 per cent of all Australian eCommerce sales in 2013, compared with just 21 per cent two years previous.
VisaNet has also absorbed at 16 per cent increase in online transactions in the first nine months of 2013, compared to 2012. This is in part attributed to the growth in mobile shopping, with 27 per cent of global smartphone users making online purchases on their mobile device in the past 12 months.
This trend is even more apparent in Australia, with 30 per cent of all Australian internet users between 15 and 65 having made an online purchase on their smartphone over the past year.