Online retail sales have jumped 14% in the US during the second quarter of 2011as compared to same quarter in 2010. Consumer spending that reached 37.5 billion dollars in the quarter now represents one dollar in every ten dollars of discretionary spending according to researchers. This is the third straight quarter of double digit sales growth.
Online stores continue to get a larger share of the market as consumers are drawn by the low prices of the deals they can get online. The price conscious consumer is aggressively seeking out the best prices and comparing items more and more. The economy has made the consumer a little thriftier these days and that is good for the online retail market.
As consumer become more comfortable with shopping online in the US the trend is repeating itself over again in Asia, Western Europe and other regions of the world. The worldwide boom in online shopping is just adding to the impressive numbers each quarter and making the brick and mortar merchants take notice. Many brick and mortar businesses have adapted and are now successful click and brick companies with websites that help them grow and profit even more. The one sector that is quite interest is the hobbyist and entrepreneur that was never in business before. It started with eBay when everyday people discovered there was a market for the things they had stored in their garage. It developed from there and the hobbyists and crafts people learned that they could sell their wares also. Today it is easier than ever to obtain a dotcom and set up an online store.
Whether you are selling your own crafts, jeep parts, Mopar car parts or brand name items when you are on the internet you have the same access to people as anyone else without outrageous cost involved. The little guy can compete with brand names. The variety of merchandise that is available is almost mind boggling and the consumer is eating it up and spending more discretionary income online than ever before.
The growth of this industry is something like we have never seen before in the history of retail. It is a global phenomenon that seems to be self- perpetuating. The more the technological advances the bigger the online retail economy grows. The new Smartphone technology has added a new wrinkle to online retail and is sure to add new customers to the already booming marketplace. The growth is not predicted to slow down any time soon. So buckle up for the ride down virtual main street. Only this main street takes you around the world to shop for goods or maybe just around the corner to buy crafts that your neighbor made. The possibilities are endless and the technology will keep things fresh and exciting for years to come.
Online sales will eventually pull even and probably surpass tradition retail channels in sales before we know it. With innovation, imagination and determination the internet will be king for many merchants.