2002 online sales rise 29% over 2001, comScore reports
Although 2002 has been a tough year economically, U.S. non-travel, non-auction online retail sales are estimated to come in at $43 billion for the year, up 29% over 2001, comScore Media Metrix reported. "This is particularly impressive, considering the fragile economy and one of the worst holiday retail seasons in recent memory," the research firm said.
ComScore attributes the increase largely to a sharp rise in the number of online buyers as well as a greater amount of spending by experienced buyers. But it also points to several trends in consumer buying behavior and attitudes toward online spending that are supporting these increases. ComScore Media Metrix is a division of comScore Networks Inc.
Many consumers cite quality of life benefits as reasons for shopping online, comScore said. It noted that 64% of consumers say the Internet saves time in shopping, and that 53% believe the ‘Net is the easiest or most convenient way to shop. And 50% of consumers say they use the ‘Net as way to try out new products.
In addition, 61% of consumers say they use the ‘Net to comparison shop and find the best prices, comScore said. Interestingly, shoppers at jewelry/luxury goods web sites are often more concerned about price than quality. They’re the least likely to rate quality as more important than price, comScore said. But it noted that 40% of consumers say they are more concerned about quality than price when shopping online.
Many consumers are still concerned, however, about privacy and security while shopping online. 38% say they are uncomfortable providing personal credit card information on the ‘Net, and 36% say they’re worried about the security of financial transactions, comScore said. It added that 40% of consumers say they’re concerned about the privacy of their personal information.
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