The benefits owning an eCommerce enterprise
- June 22, 2021
eCommerce and why buyers should be looking at entering this industry.
The future of the industry is very positive - online shopping is here to stay!!
Online Shopping in Australia:
The Online Shopping industry has grown significantly over the past five years, despite many segments of the retail sector struggling over the period. The industry has performed well despite weak discretionary income growth over the past five years. Rising consumer confidence in online shopping, the wide variety of items available and increasing internet use across the population have supported sales growth. Although specialist retailers initially dominated online retailing, ecommerce platforms are quickly becoming common for multichannel delivery.
Industry outlook (2021-2026)
The Online Shopping industry is forecast to continue growing strongly over the next five years. Consumers seeking convenience and competitive prices are anticipated to drive demand for online goods and services. The entry of new online stores and expanding range of available products are also likely to contribute to online sales growth. Industry firms are anticipated to reach a wider audience due to faster broadband speeds, rising internet penetration and increased transaction security, particularly with the NBN rollout completed. Improved internet connectivity and new technology and software programs are likely to enable retailers to build more functional, sophisticated and interactive websites.