Within the last decade there has been an astonishing amount of people that have started their own small business online and there can be little doubt that this trend will continue, as more and more people struggle to survive in the current economic climate. The simple fact is that people are being forced to seek out new and innovative ways to support themselves and their families. They are taking control of their own financial futures and forging a whole new way of doing business at the same time.
The total volume of spending that takes place online is nothing less than staggering and continues to grow as more and more people turn to the internet to conduct transactions. According to the "US Online Retail Forecast 2009 to 2014" report from Forrester Research, online retail grew 11% in 2009 and reached $ 155.2 billion dollars. With a projected 10% annual growth rate, online sales are predicted to reach $ 248.7 billion by the year 2014. They also state that "growth in online retail sales will continue to surpass the growth in offline retail sales, as low prices, convenience, and selection drive more shoppers online ".
There are several driving forces behind this surge in online sales and business start up's; the first of these is an increasing willingness from consumers to purchase and spend money with online retailers. At the same time, it is becoming more secure and less intimidating for consumers to make online purchases, as many well-established and trusted companies set up sales enabled websites, and accept credit card payments online.
Having grown up with computers, the current generation of money spenders, sometimes referred to as the MTV Generation, or echo boomers, are much more confident and comfortable spending money online compared to people from prior generations, which has shifted the demographics of online commerce significantly .
Along with the explosive growth in the amount of people who are willing and able to spend money online, there has been an average explosive increase in the number of people and businesses that are providing products and services online.
Many of these new online product suppliers are established companies that have decided that selling online is something that they must do, especially if they want to survive in today's tough economy, because it opens up a huge and potentially profitable global marketplace for them.
Alongside these established companies that are moving online there are also thousands, maybe even hundreds of thousands of new online businesses being started every year by people who have little or no previous business experience, but have never decided to give Internet marketing a try so that they can take control of their financial futures.