Online shopping is growing ten times faster than its traditional counterpart, according to a report from Yahoo.com. Author: Deborah Bates
Online shopping is growing ten times faster than its traditional counterpart, according to a report from Yahoo.com.
The latest Online Retail Sales Index from National Australia Bank (NAB) found that annual e-commerce sales have exceeded £10 billion (£6.7 billion) in the country, with online retailers such as Myer and David Jones re-evaluating their web presence as a result.
The news may encourage them and other retailers to re-evaluate the efficiency of their online payment processing too, as it could help them further capitalise on the rising number of web shoppers.
NAB’s head of consumer sectors, David Thorn, said the index would help retailers understand how consumers are changing in terms of shopping behaviour; as well as the upcoming trends in e-commerce. He went on to say: “Changing consumer preferences and spending habits are, no doubt, causing some structural changes in the retail sector.”
Thorn concluded by saying that the news leaves traditional retailers with a decision – either choosing to continue using online retail to complement their bricks and mortar business, or focusing on putting double the effort into their store in a bid to compete with e-commerce.
Heraldsun.com.au gave some further detail of the Index’s other findings; such as the fact that those in their 30s and 40s are making the most purchases. It also revealed that internet sales within Australia grew 29 per cent year on year, with three-quarters of purchases made with local retailers, rather than international ones.