Digital information monitor comScore (NASDAQ:SCOR) released its results from a survey of second-quarter online retail sales Monday, indicating growth of 14% year over year for the industry, with $37.5 billion in sales. Here’s what comScore chairman Gian Fulgoni had to say about the industry’s solid growth figures:
“The second quarter of 2011 saw a continuation of this year’s solid double-digit growth trends in online spending, well ahead of the rate of growth in consumers’ overall spending. As a result, it’s clear that consumers are continuing to shift to the online channel, with almost $1 in every $10 of discretionary spending now occurring online. E-commerce’s benefits of convenience and lower prices continue to be the drivers of the shift. At the same time, we are constantly reminded of an overall macroeconomic situation that is not indicative of a strong recovery. With economic growth remaining soft, the unemployment rate stubbornly high and financial markets in turmoil, consumers are less optimistic today than they have been in preceding quarters, which raises concerns for the future. We believe the third quarter will be an important indicator of which direction this economy is really headed and what that will mean for consumer spending.”
The top performing online product categories in the most recent quarter were consumer electronics, computer hardware, computer software, and event tickets, which all grew by rates of more than 15%. The top 25 online retailers accounted for 66.4% of total online spending, down from 67.7% a year ago and down from a peak of 69.9% in Q3 2010, indicating a resurgence in market share for small and mid-sized retailers. ComScore says that the 14% growth was attributable to a surge in buyers, with 70% of all internet users making at least one online purchase last quarter, up 16% from one year ago.