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Internet Business Sees Holiday Shopping Boom
Now is the time to have an Internet business, as holiday shoppers are increasingly finding their stocking stuffers through online retailers.
From November 1st to December 3rd of this year, internet shopping rose to $12.42 billion, an increase of 25% since last year. The number of people making Internet purchases jumped 17%, while the amount of money spent by each buyer increased by 7%.
The retail areas seeing the most increase: videogames, jewelry and even tickets to concerts and shows.
An abundance of holiday Internet shopping occurrs on what is called “Cyber Monday,” the Monday following Thanksgiving each year. That is when online retailers debut their holiday products, virtual door busters and promotions such as free shipping with purchase.
However, with increased Internet shopping comes increased security concerns. An average of 46% of the 155 million web shoppers are concerned about the security of their personal information when making a purchase, but those numbers are typical.
Software developers such as Microsoft have been working hard to counteract shopper woes, such as upgrading security features of Internet Explorer web browser. The new version warns users if the site they are visiting is an imposter rather than an actual retailer. The down side is, as a new system, this only works 30-40% of the time.
Online retailers are also taking extra precautions. More frequently they are purchasing liability insurance that will cover themselves and their customers in the case of identity theft. By advertising this protection on their websites, retailers hope to encourage buyers to proceed with a bit more confidence.
Despite the reservations that the risk of identity theft pose, online purchases are expected to continue to increase over the holiday season and in future years as consumers enjoy shopping from the comfort of their own home. After all, who really wants to fight the crowds when you can get deals just as good online?
Related Small Business Buzz Posts:
The Beneficial Chaos of Black Friday
Is Your Business Online Yet?
Marketing Strategies for Halloween
The Benefits of Adding Video Surveillance
IBM’s SecureBlue Encryption