Market research group comScore released their third quarter retail e-commerce report today which shows as the economy struggles Internet Retailers continue to grow albeit at a slower rate.
Their research shows U.S. consumers spent 30 billion online in the third quarter, excluding travel, a 6% increase over the same period last year. However, the growth rate was slower when compared to the previous two quarters of this year with the growth rate in the first quarter up 12% over 2007 and the second quarter up 13%.
comScore Chairman Gian Fulgoni had this to say about the report:
“Consumers’ economic pressures continue to have a significant impact on retail spending, which is evident in the slowing growth rates in the online channel. However, in a tight economy, the Internet remains a critical sales and media channel for retailers for three reasons.
First, it is a more cost-effective medium than traditional media.
Second, despite the slowdown, e-commerce growth rates still exceed those at retail.
And third, online marketing campaigns have been proven to not only grow a retailer’s e-commerce
sales but to also have the ability to drive increased traffic into retail stores. And, with so many consumers expected to be especially cost-conscious this holiday season, it is important for retailers to reach them at the initial point of the purchase funnel — when many product research and price comparisons are being conducted online.”