The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
BizRate.com adjusts its 2002 forecast with Q1 increases
BizRate.com says online sales in the first quarter have grown 41.1% compared to a year ago, prompting an increased projection for 2002 sales. As a result, the firm has boosted its 2002 online sales forecast to $51.48 billion.
BizRate.com reports that the e-commerce industry is accelerating, not maturing or decelerating, according to new quarterly numbers. In Q1 of this year, online retail sales increased 41.1% to $11.6 billion, compared to $8.22 billion in the first quarter of 2001. This quarter’s increase also beat out growth for the last three quarters, which includes the holiday shopping season’s 35% increase. BizRate attributes the growth to consumers taking a stronger affinity to the convenience of shopping online. The research firm reports that there was a substantial increase in the volume of orders and also in the price per transaction: Online orders increased by 33.9% with 91.47 million purchases in Q1 2002, compared to 68.29 million purchases in Q1 of last year. The average online sale in Q1 2002 was $127 per purchase, up 5.3% from $120 during first quarter 2001.
Due to the Q1 performance increase, BizRate.com is adjusting its estimate for 2002 total online retail sales from 26% to 44%. Total online retail sales, which were $28.91 billion in 2000 and increased 24% to $35.87 billion in 2001, are now forecasted to rise 44% to $51.48 billion in 2002. BizRate’s former estimate, announced in October, was for a 26% increase to $45.22 billion for 2002.