For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
Online retail sales in the third quarter grew 5.7% on an adjusted basis over the third quarter of 2007, reaching $34.4 billion, the Department of Commerce announced today. Q3 total retail sales were up 0.3%.
Online retail sales in the third quarter grew 5.7% on an adjusted basis over the third quarter of 2007, reaching $34.4 billion, the Census Bureau of the U.S. Department of Commerce announced today.
By contrast, total retail sales in the third quarter increased 0.3% to $1.02 billion. The total retail sales numbers, however, are skewed by the high cost of gasoline and food. Sales in those categories were up 17.8% and 5.1%, respectively, in the quarter over the year-earlier quarter. Gasoline and food and beverage sales represent about 30% of retail sales.
The Commerce Department’s report of e-commerce sales growth is supported by Internet usage measurement company comScore Inc., which reported last week that Q3 sales were up 6%. Third-quarter growth reported by both is the slowest in the history of online retailing.
On a not-adjusted basis, e-commerce sales grew 4.6% in Q3 from Q3 2007. The Commerce Department’s numbers are based on a survey of 12,500 retailers.