Online Retail Sees Positive Growth In March
Online retail made positive gains in March compared to February, according to online marketing firm Coremetrics.
Online shoppers purchased nearly 12 percent more items in March compared to the previous month, while the average dollar value increased by more than 4 percent, indicating that consumers were not only buying more items online, but they were also spending more money on average than they had the month before.
"The constant barrage of bleak economic news essentially wore consumers out earlier in the year. But in March, as the stock markets started to show some signs of life, consumers regained a measure of confidence about their purchasing power," said John Squire, chief strategy officer for Coremetrics.
"We’re seeing online purchasing behavior that is strongly tied to consumer attitudes about the bigger economic picture, and the best retailers out there are finding ways to appeal to consumers who are spending their money more thoughtfully."
Jewelry retailers saw the biggest gains in March, with the average order size and dollar value increasing 13.8 and 13.4 percent respectively.
Health and beauty retailers also saw positive gains, with the average order size up 6.9 percent and the average dollar value increasing 5.3 percent. Consumer engagement with these sites and the average time spent rose by 3.2 and 12 percent respectively from February.
Overall online retail was down compared to a year ago, with the average order size falling 8.3 percent and the average dollar value off 6.3 percent.