online spending grows

US Online Spending Grows 17% Final Shopping Weekend

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The final shopping weekend before Christmas (Dec. 18-19, 2010) reached $900 million in retail e-commerce spending, representing a strong 17% growth rate compared to$767 million last year, according to new comScore data. For the first 49 days of the November – December 2010 holiday season (Nov. 1 – Dec. 19), $28.36 billion has been spent online, marking a 12% increase from $25.27 billion the corresponding days last year. Overall online spending during the 2010 holiday season has consistently been running 12% higher than equivalent periods last year as measured by comScore.

The most recent week (ending Dec. 19) reached $5.5 billion in online holiday spending, an increase of 14% from $4.8 billion during the corresponding week last year. comScore analysis indicates this makes the most recent week the heaviest online shopping week of all time.

Other notable year-over-year increases recorded during this holiday season include 28%, from $318 million to $407 billion, on Thanksgiving Day (Nov. 25); 9%, from $595 million to $648 million, on Black Friday (Nov. 26); 16%, from $887 million to $1.03 billion, on Cyber Monday (Nov. 29); 12%, from $854 million to $954 million, on Green Monday (Dec. 13); and 61%, from $586 million to $942 million, on Free Shipping Day (Dec. 17).

But I don’t do online retail….. you might say. Enform understands that some our clients do not sell online or even have a retail type product line but the lesson in these statistics are relevant for anyone engaged in commerce or business of any kind. The transfer of money via payment in exchange for goods and services is something that we all do, it’s called business and the proportion of this transacted online grows by a significant number as shown.

I knew that already, so what? Well even if you do not transact online or have a retail style product what about your customer and their customer? Have you developed all the resources they might need to sell or represent your product online? What about compared with your opposition? Is it “easier” for them to sell your product than someone else’s?

It’s no longer simply a matter of pigeon-holing any business as “online vs offline” as the requirement for information and resources to be online and or easily distributed online means most businesses must have an online strategy.

Source: Marketing Charts and comScore