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OUCH! That's a biggie. CyberRebate banners have been plastered all over the web lately.
Looking at the recent figures from Nielsen it seems that ecommerce continues to grow at an impressive rate, jumping 35.6% since last April.
"..a March 2001 online survey of 39,000 Web users, found that eCommerce has hit mainstream, drawing online purchases from 48.2 percent of all Americans over 18 years old, or 100.2 million people."
PDF Report [126.96.36.199]
"Martin McMillan of Galax, Va., is owed the most of any individual: $115,000 in rebate checks, according to CyberRebate's court filing. I got things like Game Boys, digital cameras, stuff that I could sell on eBay, McMillan said in a telephone interview. It just seemed that it was free merchandise, only tying up my credit cards for three months."
"This could be the first dot-com failure where we see big consumer losses..."There's going to be wide-spread damage from this extending to unrelated dotcoms, but particularly freebie-oriented ones. Also, some already-suffering ad networks may be caught in the domino effect.
"Among the top 20 creditors listed in CyberRebate's bankruptcy petition are nine individuals owed an average of $89,336. These creditors are all CyberRebate customers.."
"...about $80 million of CyberRebate's debt consists of unpaid rebates..."