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BizReport : Ecommerce : January 30, 2009
Forrester: Growth forecast for 2009 online retail sales
Despite the recession, online retail sales will continue to grow, according to new projections released by Forrester Research, albeit at a slower rate and at the expense of physical stores.
U.S. online retail sales are projected to rise 11% this year to $156 billion. Although this represents an overall slowdown, in the current economic environment it's just a small slide from last year's growth of 13%.
"Even as companies continue to struggle, the important take-away is that the Web is continuing to grow," said Forrester analyst Sucharita Mulpuru, who believes that the continuing growth in online sales will come at the expense of bricks and mortar stores. "It's taking wallet share away from the rest of the retail world."
Consumers are turning to the Internet for all their shopping needs as it provides a better environment to price-check, ensuring the best bargains at a time when money is tight, along with the convenience and cost-saving elements of being able to shop from home.
Online sales are expected to make up 7% of overall retail revenue in 2009, compared with 6% last year.
Tags: Forrester, online retail, online sales, retail revenue
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