Posted 14 June 2015
Gear your site for the online retail boom
Data that demonstrates the boom
The opportunities for online retail are growing and growing- and now there is new data to demonstrate just how huge these opportunities will be as we move towards the future. This is perhaps the most accurate picture available to date of the size and shape of the online retail industry. The analysts from the Commonwealth Bank’s Global Markets Research team deduced that Australians spent $9.5 billion online last year- that’s up 126% since last year in volume and 90% in value. What’s more, it is predicted to keep on increasing exponentially as young people (the most active online shoppers) age and increase their spending power.
Fashion leads the boom
Not surprisingly, online retail is the fastest growing product category, surging up by 230% a year in volume. The lowest performing categories are liquor, sporting and outdoor, electrical and health/pharmaceutical. The data also showed that about half our internet spending goes to local websites, though offshore retail is growing faster. And interestingly, the biggest volume rise is coming from online-only retailers, rather than from the online stores of traditional retail brands.
Opportunities for Australian retailers
So in light of these trends, it’s becoming easier to identify the biggest opportunities for Australian retailers. It’s evident the highest performing sites who have the correct web development infrastructure, user friendly interface and web design, high search engine visibility and remarketing campaigns are capturing and converting online buyers. The next question is, how can you take advantage of the online retail boom for your business?
Originally published 21 December 2014