A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
The wedding products e-retailer reported web merchandise sales of $5.7 million.
The Knot Inc., an e-retailer and media company that operates TheKnot.com and WeddingChannel.com, reported mixed results in the first quarter.
For the quarter ended March 31, The Knot, No. 352 in the Internet Retailer Top 500 Guide, reported:
- Online merchandise revenue was $5.7 million, a 17.4% decline from $6.9 million in the prior year quarter.
- Total sales were $27.5 million, flat from the same quarter in 2010.
- Online advertising grew to $16.8 million, a 15.9% increase from $14.5 million in the first quarter of 2010.
Internet Retailer calculates that web merchandise sales made up 20.7% of total revenue for the quarter, compared with 25.1% in Q1 of 2010.
The Knot attributes its merchandise sales decline to reduced site traffic stemming from changes in its relationship with Macy’s and changes in search engine optimization.
In 2010, Macys Inc., No. 17 in the 2011 Top 500 Guide, and Bloomingdale’s took over hosting their own bridal registries, a function previously performed by The Knot. Macy’s and Bloomingdale’s became affiliates of The Knot.