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| Online Shopping and eCommerce
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Article Author:
Andy Calloway
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Declining prices of internet connectivity and growing confidence in online web stores have sent online sales figures soaring over the past few years. It seems that every year, online sales figures hit a new high. This can only mean one thing,shopping online is not going away.
The US Census Bureau states that retail sales online accounted for 1.9% of the total sales at the end of 2003. This represents more than $17.2 billion in total revenues. This was up to 25% by 2004. The graph doesnít plateau here. Forrester Research noted that online Christmas shopping alone accounted for $13.8 billion in revenues in 2006. Around the world, online retail contributed revenues of $747.6 billion for the year 2006, representing 14.8 percent growth over 2005 and 23.1 percent of the total retail sales for the year.
It has long been thought that people want to actually see or experience a product before making a major purchase. But with the growing availability of comparison shopping sites or services that provide product reviews, consumers are relying on online research to ensure that they get the right product for the best possible price. In a survey by Pricegrabbers.com 81% of the respondents stated they researched on the internet first for both products and retailers when it came to shopping for home furniture and appliances. It appears a similar survey in 2006 confirms these figures when it comes to purchasing large products.
The comfort levels for buying on the web has been increased by the deals offered by retailers, including improving after-sales service and offers on home delivery of products. Also, as major high street companies launch online versions of their brick and mortar stores, where people can find the same quality and pricing without the headache of driving all the way to the store and fighting through the masses battling for the same products.
If you still need proof that the world is moving towards online retail in a big way, consider this:
The UK Office for National Statistics predicts that online shopping in the nation is likely to witness an ongoing upward trend, accounting for £162 billion in revenues by 2020 and contribute 40% of total retail sales.
In short, the online shopping train has taken off and there is no stopping it now. If you want to get on board, feel free to give us a call on 0845 0574320 |
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