Mixed Signals of the Economy offered at the MRC

Optimistic and pessimistic prognosticators probably found something they could agree with in the morning session at yesterday's Merchant Risk Council (MRC) Annual Conference in Las Vegas. Wayne Best, VISA's Chief Economist, served up a well-researched opening keynote address that indicated continuing consumer spending caution. However, he offered a ray of sunshine, which was eCommerce continues to grow (Best quoted a 15% CAGR), and most organizations’ sales from online stores continue to increase. In addition, this year's MRC event was sold out early, and had the highest attendance ever for the annual conference. Put all that together and you get a picture of optimism on the outlook of eCommerce.

In another session, the member merchants of MRC's Payment Committee discussed the application of mobile device interaction and social networking on their own websites. While the session was relatively short, it was packed with good advice on how these technologies are impacting merchants across industries.

So, while it seemed as though the signals were mixed, my takeaways from the conference are: first, eCommerce continues to grow, even against a gloomy tide of consumer spending caution; and second, that uncertainty in the market means online merchants must continue to focus on operational excellence and the value of new technologies to stay ahead of competition.

The conference continues today and I’m eager to find out what is being shared in the sessions.

--Paul Brock, blogging from the conference floor