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From...

Study sees growth in online shopping

May 25, 1998 Web posted at: 11:50 AM EDT

by Stewart Deck

(IDG) -- A new market study said consumers will spend $26 billion online in 2002, up from the $4.5 million expected to be spent this year. The study, by New York-based market researcher EMarketer, also said that business-to-business electronic commerce will increase from this year's $16 billion to $268 billion in 2002.

"The [Internet] provides an ideal platform for the emergence of business-to-business trading hubs," said an EMarketer spokesman, Geoffrey Ramsey, in a statement. "These hubs ... control the largest share of revenues and profits transacted over the net [and] individual buyers and sellers will be left to fight for increasingly slimmer margins unless they develop entirely new strategies for differentiating themselves vs. their competition."

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Other findings included the following:

  • Book sales online will grow from $500 million this year to $1.3 billion in 2002.

  • A total of 10% of electronic-commerce businesses account for more than 90% of sales over the Web.

  • Today 35% of banks offer online banking, and by 2002, 56% will.

  • Online sales of airline tickets will increase from 1% of total ticket sales today to 5% by 2002.

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