The Bank of New Zealand’s (BNZ) new online retail spending index has shown that internet shopping has jumped 18 per cent in the last year, stuff.co.nz reports.
In the first monthly benchmarking measurement, BNZ said that the growing use of mobile devices has lead to a ‘monumental shift’ toward online shopping in the year to 30 September 2013. The bank also said that an increased trust in online shopping processes was a factor.
Within the twelve month period, online sales amounted to NZ$2.3 billion. This represented a 15 per cent rise in quarter three year-on-year, compared with traditional sales which grew just three per cent – this included the removal of exclusively online services, such as event tickets and holiday purchases.
The index, which examined data from the credit and debit card histories of BNZ customers, also discovered an emerging trend for consumers to look abroad for their online goods. It found a split of 58 per cent for domestic purchases against 42 per cent that were bought from international retailers. This has correlated with the rising NZ$ exchange rate, meaning that foreign goods are often a bargain, interest.co.nz writes.
BNZ director of institutional research Gary Baker commented that the preference for online shopping was a “brave new world for New Zealand retailers”, presenting challenges and opportunities.