Online Sales Growing Four Times Faster Than Overall Retail
Written by Evan SchumanNovember 21st, 2006
The U.S. Census Bureau is reporting that brick-and-mortar retail sales are increasing four times more slowly than their online component. Specifically, E-Commerce sales for the third-quarter jumped 20.4 percent compared with last year’s identical quarter, while all retail sales jumped only 4.8 percent.
Perhaps more telling are the actual quarterly revenue figures, which give $27.5 billion in online revenue and almost $1 trillion ($991.7 billion) for all of retail.
Web sales may be comparitively small but E-Commerce is hardly a startup anymore. If it’s still bringing in this kind of growth after a dozen years, brick and mortar managers better take notice and get their customer service acts in gear.
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Starbucks isn't going to replace their existing enterprise POS system with apps that have 1 percent of the functionality, control and reporting that they need to run their business. Likewise, I'm not going to replace my BMW with a free skateboard, just because both technically enable me to get from A to B.
-Gavin Phillips
