New Data Reveals Eurozone Retail Sales Dropped in September

Despite it being the busiest time of the year, Eurozone retail sales have reportedly dropped unexpectedly in September. Preliminary Eurostat data revealed that German shoppers chose to stay home. As a result, retail trade decreased by 0.3 percent compared to August. 

 

Analysts said they expected to see an increase of retail sales of around 0.3 percent from August. Of the member states that have data available, the largest monthly decrease in total retail trade volume was registered in Germany, at -2.5%. Finland and the Netherlands also experienced a decline, -1.9% and 1.2% respectively.

 

This decline in sales comes on the heels of yet another wave of coronavirus. This recent hit to the continent has led the World Health Organization to dub Europe as the new epicenter of the pandemic. Meanwhile, rising inflation rates are negatively impacting consumers’ purchasing decisions.

 

Other factors influencing consumer spending are rising energy prices and supply chain bottlenecks. These trends have also caused business growth to slip to a six-month low in October, according to PMI data. Consumers are also beginning to feel the effects as they try to manage their households, leaving less to spend on other goods.

 

What Merchants Can Do to Battle the Trends

 

The future will be all about keeping costs low, for business owners and consumers alike. One way merchants can achieve this is by prioritizing a seamless, convenient experience for their customers. With the right merchant services, a business can create a one-of-a-kind process that is cost-effective for their company and memorable for their customers.

 

Providing multiple payment processing options ensures your customers have the payment option they prefer, making their experience both convenient and satisfactory. The key is to make sure the provider you choose understands your business type and industry. This increases the likelihood that they provide products tailored to your unique needs.

 

Each industry has its own unique set of challenges. Some struggle with high chargeback rates, for example. Others deal with seasonal highs and lows. You need a provider equipped to help you manage these challenges and changes so you can keep your operations running smoothly.

 

You also need a provider prepared to battle new trends and meet customers where they are. A big part of this is ensuring they offer strong fraud protection services and multiple payment processing options for convenience. All in all, the best route is to do your research, compare industry-leading options and select the provider that suits your unique needs and situation.

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of retail merchant services review. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.