Physician's Money Digest, August 2007, Volume 14, Issue 8
Consumers are spending more online with each passing year and the spending shows no signs of letting up anytime soon. The last quarter of 2006 showed e-commerce sales advancing 24.6% over the previous year and surpassing the strong sales totals from catalogs according to the US Census department. E-commerce sales also totaled 3% of total retail sales which was double the percentage compared with the end of 2002.
Cowen & Co, a retail e-commerce research firm, forecasts that these sales will continue to grow from $108 billion in 2006 to $129 billion in 2007. Part of this growth is attributed to the high customer satisfaction rates that online retailers receive as measured by American Customer Satisfaction Index. It is anticipated that e-commerce sales will continue to grow at a torrid double-digit pace into the next decade.