Power of the Internet Overtaking Shoppers

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Consumers Spending $170 Billion Yearly Online

When e-commerce exploded onto the scene more than 10 years ago, marketers debated whether the online audience would ever be large enough to make a Web endeavor worthwhile. But they needn’t have worried; Internet shoppers now spend a whopping $170 billion a year according to recent reports, a figure increasing more than 20 percent every year.

Consumers are flocking to the Web in unprecedented numbers, looking for everything from jewelry and electronics to insurance and financial services. The Internet’s power over these shoppers is quickly becoming apparent; this high-tech, virtual “mall” now converts almost 50 percent of online browsers into buyers each year.

With three out of five online shoppers using the Internet as their primary source of information, the Web has replaced newspapers and magazines as the most effective tool for evaluating products and services. Since studies indicate that the longer they browse the more likely they are to buy, this means big money for e-commerce.

Shoppers aged 25-34 comprise more than 27 percent of the online marketplace. E-marketers using the latest trends in website development are effectively targeting this audience, resulting in increased sales and profits for online businesses.

A rising number of women shopping online also contribute to the soaring growth in Internet sales. Though initially adopted by men as a shopping tool, more and more women are now flocking to the ’Net to comparison shop, research and buy. In fact, as of 2003, women accounted for 60 percent of total online spending. This puts online retailers selling products and services typically purchased by women in a favorable position for growth.

As consumers on the whole continue to enjoy the simplicity and convenience online shopping brings, analysts predict Internet sales rates will continue their upward climb for years to come.

About InsureMe

This information is brought to you by InsureMe, an Englewood, Colorado-based company that links agents nationwide with consumers shopping for insurance. Specializing in auto, home, life, long-term care and health insurance quotes, the InsureMe network provides thousands of agents with insurance leads every year. For more information, visit http://www.InsureMe.com.


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Lori Reed
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