SAO PAULO (Dow Jones)–Revenues obtained by Brazilian retailers through Internet sales, so-called e-commerce, increased by a surprisingly robust 27% in the first half of 2009 to 4.8 billion Brazilian reals ($2.59 billion), according to a report Tuesday by consulting group E-bit.
E-bit said Internet sales rose, in part, because of government tax cuts covering a wide range of home appliances. The cuts were designed to stimulate consumption during a brief recession.
Internet sales also rose as new sellers came onto the market, including the Brazilian unit of Wal-Mart and home appliance chain Casas Bahia. E-bit said both new and existing retailers increased their Internet advertising this year.
Meanwhile, many Internet retailers offered longer terms and lower interest rates on installment buying.
E-bit said it began 2009 with a growth forecast for Brazilian e-commerce of 20% to 25% but may shortly revise its forecast higher.
- By Tom Murphy, Dow Jones Newswires; 55-11-2847-4519; firstname.lastname@example.org