bring the customers home
In 2016, some 7.5% of all retail expenditure in Australia was online. Estimates suggest this will rise to more than 21% in 2018, and 50% by 2025.
The fact is, however, a large percentage of online shopping involves an overseas vendor and website. Contrary to popular belief, this is not so much driven by price as it is by:
- Superior range
- Superior delivery
Price does not matter if you cannot find what you want. It is staggering to see how many overseas retailers offer faster delivery into Australia than local businesses.
In my view, this represents a huge opportunity for local retailers and, in particular, online retailers.
With this in mind, it is interesting to consider what consumers are inclined to buy from overseas online vendors:
- Toys – 54.9% overseas
- Fashion – 45.1% overseas
- Personal items – 20.3%
Contrary to popular belief, it is not cheap electrical goods and books.
There is a real opportunity today to bring the customers home.
Sources of core statistics – NAB RETAIL INDEX, SMART COMPANY, BUSINESS INSIDER, PFS
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D. John Carlson – Adviser and Speaker – 0402 273 350 or email@example.com .