Internet retailer Andreas Georgio, of AndreasInc.com, states, "[The recession] isn't affecting me at all. Actually, my business has doubled almost every year since I started." Shawna Fennell, founder of 1Choice4YourStore.com, is equally optimistic. "I'm going into our Yahoo stores, and I'm thinking 'Where's the recession?'" declares Fennell. "You don't see it unless you go into the local mall and there's nobody there."
In fact, many eBiz owners are reporting an increase in sales over this same period last year. Forrester Research indicates online sales will proceed on an upward track, experiencing over $130 billion of growth in the next four years. Their February 2008 report, "The Outlook for U.S. eCommerce in 2008 and Beyond", projects that eCommerce sales will jump from $204 billion this year to nearly $335 billion in 2012.
Growth Factors
Why is eCommerce flourishing when offline retail sales growth has slowed to a near stand-still? Forrester cites several reasons why consumers are doing more and more of their shopping online:
- For convenience
- To research products online
- To purchase anything, any time
Additionally, their research points to several defining characteristics of frequent online shoppers that make them unlikely to slow their spending any time soon. Generally speaking, online shoppers have higher income levels than average consumers and are more insulated from the effects of recession. They also tend to be more optimistic about their financial futures.
