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Tech Industry

Short Take: Jupiter sees rapid growth In online auctions

Retailers liquidating excess inventory will propel business-to-consumer online auctions to a $3.2 billion market by 2002, up from $460 in 1998, according to Jupiter Communications. The research firm said more than 1.2 million people purchased items in Internet auctions last year; that number is projected to grow to 6.5 million by 2002. Jupiter also expects 1999 to bring a much greater variety of goods to the auction market, now dominated by computer goods.

Retailers liquidating excess inventory will propel business-to-consumer online auctions to a $3.2 billion market by 2002, up from $460 in 1998, according to Jupiter Communications. The research firm said more than 1.2 million people purchased items in Internet auctions last year; that number is projected to grow to 6.5 million by 2002. Jupiter also expects 1999 to bring a much greater variety of goods to the auction market, now dominated by computer goods.