According to statistics, online sales grew by 9.0 percent in the second fiscal quarter of 2004 marking a 23.1 percent jump over last year, Commerce stated, attributing the growth spurt to increased consumer confidence in making financial transactions over the web.
Online sales in the second quarter of 2004 accounted for 1.7 percent of total sales, while in the second quarter of 2003 ecommerce sales accounted for only 1.5 percent of total sales.
More specifically, online businesses raked in $15.654 billion in the three-month period between April and June. The previous quarter reflected similarly robust revenues of $15.515 billion, while total retail sales in the second quarter totaled $919 billion
According to reports, retail sales advanced 10.1 percent to $919.041 billion in the second quarter from a revised $834.716 billion in the first three months of 2004.
Internet commerce has maintained steady growth since Commerce started tracking sales in 1999. Online transactions tracked by Commerce included purchases made via email or other forms of electronic payment platforms.
Sales numbers tracked by Commerce excluded online travel and online financial brokerage firms.
Commerce retail studies are conducted quarterly using information from 11,000 retail companies for calculations.
