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RUSSIAN E-COMMERCE MARKET SET TO SOARSource: NuaPosted on October 10, 2000 Russian e-commerce revenue is set to increase ninefold in the coming year, according to a new study from International Data Corp. (IDC). The rate of Internet connection in Russia has grown rapidly over the past two years. IDC forecasts that 9.4 million Russians will be connected to the Web by 2004, representing 6.4 percent of the population. This figure seems low when compared to an August 2000 survey by Monitoring.ru, which claimed that the Russian Internet audience currently stands at 9.2 million. The IDC study, which covers Russia's e-commerce and Internet access service markets for the period 1999-2004, suggests that the country's Internet marketplace is now at the same position as the US market in the mid-1990s. By the end of 1999, the Russian Internet access services market was worth USD 517 million a year. According to IDC, the sudden explosion of web commerce in Russia is partly due to the political climate in the country over the past few years. While there has been investment in Russian e-commerce companies since 1998, many projects were delayed until after the 2000 presidential elections, resulting in a massive increase in activity from the beginning of this year.
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