The recession is taking a serious toll on American retail, but e-commerce could emerge as a winner. According to a new report by Forrester Research, e-commerce sales are【C1】______. to grow 11% , to ＄ 156 billion, in 2009. That【C2】______a slowdown from 13% growth last year and 18% in 2007. The major factor【C3】______to the pace shift is, of course,【C4】______consumer confidence. But e-commerce's slowed pace is, still【C5】______better than the National Retail Federation's【C6】______0.5% drop in overall retail sales this year. That means e-commerce is stealing market share from【C7】______retail -- and fast. By Forrester's estimates, in 2008 e-commerce【C8】______for 5% of all retail sales. In 2012, Forrester thinks ecommerce could have an 8%【C9】______. One recent factor is that online shopping promises bargains to price-sensitive consumers. 'The recession is definitely【C10】______more consumers to do their homework【C11】______they go and complete a purchase, ' says Forrester analyst Sucharita Mulpuru. E-commerce is also【C12】______protected because online shoppers tend to be wealthier: about half of all online shopping is done by households that earn more than ＄ 75,000 per year,【C13】______though they're just about a【C14】______of all households with Internet access. 【C15】______not all Internet companies are set to benefit equally. Last month, e-commerce【C16】______eBay posted its first-ever quarterly revenue decline,【C17】______Amazon reported a sales surge of 18%.Smaller players are particularly【C18】______risk. 'There are some pretty vicious wars as companies go online and duke it out to get market share,' says Mulpuru. 'The【C19】______I have is that we could go back down the spiral of death from 1999 and 2000, when companies would under-price themselves without thinking about【C20】______. 【C1】