Declining prices of internet connectivity and growing confidence in online retail 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 on the worldwide web is here to stay.
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. By the fourth quarter of 2004, online retail sales accounted for 26% of total retail sales. It doesn't stop there. Forrester Research noted that online Christmas shopping contributed for $13.8 billion in revenues in 2006. Globally, online sales generated revenues of $747.6 billion for the year 2006, this is a 14.8 percent growth over 2005 and 23.1 percent of the total retail sales for the year.
It has long been a belief that people want to actually see, touch and feel a product before buying it. But with the growing availability of comparison shopping sites or services that host product reviews, consumers are relying on online research to make sure that they buy 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. In fact, there was a significant rise in the confidence level of consumers while making large purchases online as compared to a similar survey conducted in 2006.
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 physical stores, where people can access the same quality and discounting without the headache of driving all the way to the store and fighting through the masses shopping for similar stuff.
If you still need proof that the world is moving towards online retail in a big way, consider this:
According to The UK Office for National Statistics online shopping in the nation is likely to continue to grow upwards, 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
From: articledashboard.com
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