research from Pew Research Center’s Internet and Life Project suggests that 52% of all U.S. adults are web
No license required for penny actions in California, however 20,000 must be bonded on file with the
Secretary of State. A sufficient amount of investment required for developing and maintaining the virtual
platform, particularly for web development and marketing expenditures.
Although penny auction websites are for a global market, but its highest success rates are most notable
in developed countries, specifically the United States. A key reason behind that is the establishment and
development of laws and regulations that prevents the customers from scams and frauds. The United
States FTC, for instance, works to prevent fraudulent activity and protect consumers from falling victim to
online scams. b
UCTIONS IN THE
With around 100 million buyers from the ecommerce market annually, online retailers turned into one of
the fastest growing industries in the U.S, online retailers and online auctions showed an exceptional
growth even in the 2009 recession in 10.4% average in the past five years, and recorded 278.5 billion in
sales and employment number that reached 245,497. As the industry keeps expanding more products are
being offered such as DVD’s, books, appliances, fashion, appliances, and sometimes groceries. Niche
products that were hard to find are now being offered online. Product range is still expected to expand
with investors and companies in a rate of 1.5% annually.
In near future, it is expected that economic recovery will lead to industry growth, it will also put positively
impact on per capita income, customer purchasing behavior and employment. Along with the above usage
of broadband will also grow rapidly. Also, broadband internet adoption is growing rapidly and the trend
will continue to grow in the following five years, improving accessibility to online retailers.