1.2 Online Shopping on the wheels of E-Commerce

ECommerce in 2003: A bright spot in the retail industry

It is said the numbers never lie, that is the beauty of numbers. In this section we have collected statistical information to portray the booming business being done through the beautiful concept of online shopping. Though the numbers should not be a surprise to anyone but seeing such a huge amount of business being done online, makes one wonder if he is being left out of the gold rush.

Despite a difficult economic environment, war, and waning consumer confidence, online consumers opened up their wallets and continued to shop online at record rates in 2003.

Online business-to-consumer sales reached approximately $104 billion in 2003, a 39% increase over 2002 sales of $75 billion according to a Forrester report.

2002-2003 Online Business-To-Consumer Sales

At $104 billion, eCommerce is now the largest remote buying channel. According to the Direct Marketing Association, consumer mail order sales totaled $76.9 billion in 2002 and $81.2 billion in 2003. The Home Shopping industry (television sales) totaled approximately $3 billion in 2003, according to Key Note, Ltd.

Now that is revealing, but it's only a reflection of the needs of the present day society. As mentioned earlier online shopping is now not only an option but also a necessity. People who buy online know what it means to have a shop just open for them 24/7.