KEY POINTS:
In the frenetic world of US e-tailing, this past week was the one that counted.
Sales over the internet were expected to peak at around US$700 million ($1 billion) a day as cyber-shoppers scrambled to order gifts in time to meet pre-Christmas delivery deadlines.
Online shopping turnover in the US is predicted to top US$120 billion this year, triple what it was in 2001, and account for between 6 and 8 per cent of total retail sales, up from 5 per cent last year.
These are figures that make New Zealand e-tailers either salivate or cry. Estimates are that locally online shopping accounts for about 0.3 per cent of total retail sales.
Theories abound on why Kiwi shoppers have so far shied away from the convenience of buying over the internet. And although numerous e-tailing ventures have crashed and burned since the late 1990s trying to find an online niche, more money than ever is now being thrown at online shopping sites.
Among the latest crop of e-tailing entrepreneurs is Paul O'Shannessey, who launched discount site Thedeal.co.nz two months ago.
Thedeal sells discounted stock clearance items on behalf of manufacturers and retailers and has attracted more than 100 brands with 40 more to be added next month.
O'Shannessey says: "Up to now there hasn't been a reason to go online to buy new products. It's just been too easy to go down to the mall."
He predicts that New Zealand will eventually follow the US and Europe with a significant portion of retail moving online.
The combination of big brands and discounted prices will be important to his site's success.
He says there has been "a surprising level of interest from potential investors" in the venture.
