In its second-largest acquisition, Amazon buys the company for $970 million.
In 2005, the web accounted for about 5.5% of total retail sales and should approach 13% by 2010, Elaine Rubin, chairman of Shop.org told attendees Monday at NRF.
Online retail sales jumped almost 22% in 2005 to an estimated $172 billion and that annual total could reach $316 billion by 2010, Elaine Rubin, chairman of Shop.org told attendees Monday at the National Retail Federation annual convention in New York City.
In 2005, the web accounted for about 5.5% of total retail sales (excluding travel) and should approach 13% within five years, according to Shop.org.
A decade ago most chain retailers looked at e-commerce as a separate business unit and merchandising channel. But now that more retailers see the web as mainstream and are including the Internet in a multi-channel marketing and merchandising strategy, business-to-consumer e-commerce sales are growing. “Web retailing is very centric today,” she says. “Most retailers no longer just look at the web as a separate channel.”
About 40% of all U.S. households have shopped online in the past year and an equal number of households have used the Internet to research a product and then make the purchase offline. “The fact that people are using the Internet as a research tool has influenced more than $100 billion in additional offline sales,” she says.