Tuesday, March 3, 2009

comScore: B2C e-Commerce Growth Grew by 6% in 2008

eMarketer reports on comScore's 2008 E-Commerce Sales..

Unlike in preceding years, business-to-consumer (B2C) e-commerce growth got sluggish in 2008. Looking specifically at retail e-commerce, comScore found that sales grew by only 6% in 2008, the lowest rate since the dot-com crash in 2003.

Of the total $221 billion in B2C online sales last year, $130 billion were retail e-commerce sales. The rest were travel sales.

US Retail E-Commerce Sales, 2002-2008 (billions and % change)

Other sources reported numbers similar to comScore’s, with Citi Investment Research, Collins Stewart and eMarketer all within $10 million of their retail projection.

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The online retail categories that were hardest hit by theslowdown were computer software, digital entertainment and officesupplies, while fitness equipment, books and furniture continuedstrong.

US Retail E-Commerce Sales Growth, by Category, January 2009 (% change*)

So how can companies thrive under tough economic conditions? GianFulgoni of comScore suggests savvy marketers ask themselves thefollowing questions:
  • Am I appropriately allocating my marketing/advertising budgets?
  • How am I measuring my online advertising performance?
  • What is my current coupon/promotion strategy?
  • Am I using the down economy as a time to build relationships with customers that will pay off in the future?
  • Am I optimizing my search strategy in today’s economy?
  • Am I being creative, or am I doing what I have always done?
If you have the right answers, then the downturn might not be so bad.
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