In its second-largest acquisition, Amazon buys the company for $970 million.
A new report from eMarketer says that the number of U.S. Internet shoppers will increase 73% to 63.4 million by the end of 2000 and 77% to 106 million by 2003. Revenues from online consumer shopping in the U.S. is expected to reach $37 billion by the end of this year and $104 billion in 2003. Teenagers, who represent less than 1% of online spending today, will increase their online shopping. The report says 5.8 million or 53% of teen Web users, will make at least one online purchase by the end of the year. By 2003, 9.8 million, or 74% of teen users, will have made a purchase online. In addition, the report says U.S. senior citizens are becoming the second-largest untapped customer based after minorities.