Congratulations are in order for the e-commerce industry, as the Census Bureau of the Department of Commerce found that year-over-year online retail sales were up by more than 25 percent. The preliminary figures revealed that e-commerce accounted for 1.9 percent of total retail sales in the fourth quarter of 2003, resulting in revenues of more than $17.2 billion.
The retail industry as a whole performed very well during 2003, with second and third quarter figures coming close and surpassing the Q4 2002 total — the time of year when sales are at their peak. With the U.S. Department of Commerce estimating that total retail sales for Q4 2003 would be roughly $918.2 billion; it is very likely that the industry will break $100 billion over the coming year.
Source: Internet News