Tuesday, August 12, 2008

Unstable economy aids in online shopping boom

Recently, the world economy has been going through a lean patch, wherein a majority of the industries have been gravely affected by it. For most of us, there is a 'less-to-spend and more-to-buy' situation which has indirectly been benefiting a sector which has come out as a savior as well as a survivor in this economically slag phase, i.e., the online retail industry which has been progressing leaps and bounds even as other sectors are finding it hard to gain some ground in the constantly stumbling economy. Online consumers all around the world consider e-stores as the safest bet in getting the best deals for their hard-earned money.

Highlighting this fact, a recent Consumer Behavior Report by PriceGrabber.com proves that the tumbling economy has had a positive effect on the online retail industry. The report, aimed at exploring the effects of poor economy on purchase decisions, provided promising results that the consumer base has been shifting to the online domain in the quest for better deals to suit their pockets.

The survey included responses from a total of 7,170 online shoppers in which they were asked to give an account of their expenditure keeping in view the high growth in levied income tax and interest rates in almost every sector. This survey was aimed at getting an in-depth knowledge about consumer behavior and the effect of economical swings on it.

The survey found that online shopping has been continually helping the consumers in cutting back on their expenses even in the present state of the economy and growing inflation which has taken a toll on everyday consumer spending.

In this regard, there are many e-stores which remain committed in helping shoppers get fair deals and save their hard-earned money. Most of the shopping portals have come up with features like price comparison (ebay.in etc.), group bargains (Retailsdirect.com), special offers (Indiaplaza.com) and many others, for saving money and time for their consumers.

The survey is a clear indication of the booming online retail sector despite the sagging economy. It also shows that consumers continue to make “cutting back” a priority.

1 comment:

SongDiary said...

Hi there! Good blog on this one. I agree with you considering the savings people will get from transportation where fuel prices are very high. The online stores can really give you a great deal!

The blog looks good, as well!
Keep it up!

All the best!