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CURRENTS
Online Shopping
Boom Expected
T
HE INTERNET looks to be poised to become an largest retailer, announced late last year that it plans to signifi -
even bigger force than ever in the world of retail in cantly upgrade its website in an att empt to supplant Amazon.
2010. According to a report released in January by com as the world’s leading online merchant. Clearly, online
New York investment fi rm Credit Suisse Securities, ecom- shopping, which has historically accounted for roughly fi ve
merce sales are expected to rise almost ten percent this year, to percent of U.S. retail sales, is looking to get a lot bigger.
$144 billion. Th is comes on the heels of a weak 2009, in which According to a recent report from ComScore Inc., online
there was only a 1.1 percent gain, the lowest on record. retail sales grew by roughly 20 to 25 percent every year for
Ironically, the same recession that has had a negative most of the previous decade, only to slow to a mere six per-
eff ect on some brick-and-mortar shopping centers could be cent in 2008, followed by almost no growth whatsoever in
helping online commerce become a 2009. However, the holiday shopping
bigger force in retail, as bargain-con- season provided a slight bump that
scious shoppers look to the Internet to “Th ere’s no question bodes well for 2010. Th is is believed
compare prices, share experiences and to have been due to the big national
the Internet has
hunt for coupons. Along with shop- chains cutt ing into some of the Black
pers, retailers are also diverting more gone from being a Sunday bargains with signifi cant web-
att ention, and more money, toward related sales targeted at shoppers who
curious sidebar to
developing their web presences, mak- stayed home on the biggest shopping
ing online shopping cheaper, quicker a main event.” day of the year.
and simpler in the process.
Mark Cohen – Columbia Business School
A record $595 million in online
“Th ere’s no question the Internet marketing professor spending took place this year, up
has gone from being a curious sidebar 11 percent from Black Friday 2009,
to a main event,” said Columbia Busi- according to ComScore. Sites like
ness School marketing professor and former Sears Canada Amazon, Best Buy and Walmart enjoyed a 20 percent
CEO Mark Cohen in a related story in the Chicago Tri- jump in sales from the year before, and it’s believed that
bune. “Customers are becoming completely comfortable this spike could jump-start healthy growth in online retail
with doing business on the ‘Net…Th is year is going to be a commerce in 2010.
very good year for online shopping, tempered only by the
negative eff ect of the economy.”
In a pertinent sign of the times, Walmart, the world’s
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20 February 2010
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