eCommerce has shown an upward graph of growth over the last few years, as the internet has given shoppers an opportunity to get goods delivered to their doorsteps.
And the COVID-19 outbreak further accelerated the growth of eCommerce as people were left with no choice but to shop online.
In fact, it has replaced traditional brick-and-mortar shops and forced businesses to move online and meet the changing consumer habits.
In this blog post, let’s discuss the rise of eCommerce in Australia and New Zealand and what are the current trends dominating the industry.
Ready? Let’s go!
What Contributes to the Growth of eCommerce in Australia?
With a population of 23 million, Australia is the eleventh largest eCommerce market in the world.
However, the Australian eCommerce market is majorly driven by a strong economy and infrastructure rather than the number of consumers.
Other contributors to the rise of eCommerce in Australia are:
- Easy access to the internet: 85% of people in Australia have internet access.
- Adoption of smartphones: 19.4 million mobile phone users in Australia.
- Inclination towards online shopping: Currently 65% of Australians prefer shopping online.
- Stronger Economy: With a GDP per capita of $88,000, people in Australia have more purchasing power and disposable income. This makes it easier for them to shop online.
eCommerce Trends in Australia
Now that we know what fuels the growth of eCommerce in Australia, let’s have a look at some of the trends dominating the industry.
Variety of Payment Options
Today, digital payments are swiftly replacing paper money.
Some of the new payment trends are:
- Buy Now, Pay Later: Companies like Klarna and Afterpay lets users split purchases into separate, interest-free instalments.
- Digital Wallets: UPI payment apps like Cash App and PayPal allow users to make payments with just a few clicks.
- Cryptocurrency: With Bitcoin and other cryptocurrencies in the spotlight in the past couple of years, many businesses now accept this payment method as well.
With the rise of eCommerce, there is a need for efficient cloud-based software.
Cloud computing in eCommerce can empower and enhance online stores by providing direct benefits like data security, reduced cost for customer acquisition, and better search rankings.
Fortunately, there are a plethora of options to choose from today:
- Commercial Platforms: Platforms like Shopify and Magento have helped many eCommerce businesses set up their online stores easily and efficiently.
- Financial Software: Cloud-based financial solutions offer multiple integrations and make tasks like bookkeeping more streamlined.
- Website Builders: Small-scale businesses can build websites using platforms like WordPress and Wix using just a computer and an internet connection.
Online shopping is just not restricted to conventional eCommerce websites anymore.
Store owners now leverage social media platforms like Instagram and Facebook to sell their products.
Brand sponsorships with influencers have further fueled the trend. Moreover, businesses list their products on integrated online storefronts, e.g, Instagram Shopping, Facebook Marketplace, etc. to improve conversions and generate more revenue.
Virtual Shopping, NFTs and the Metaverse
Technological developments like Metaverse have presented new opportunities to the eCommerce industry. Today, eCommerce stores are leveraging technologies such as augmented reality to provide shoppers with a richer, more physical store-like experience.
As a result, cart abandonment and return rates have decreased significantly. This trend continues to grow as more brands experiment and adopt these technologies.
24/7 Customer Support
In order to provide great customer support, eCommerce companies are investing in AI chatbot tech to answer customer questions 24/7, resolve customer problems, generate new leads, etc.
This has drastically reduced case escalation and improved customer satisfaction.
How Grazitti Can Help?
At Grazitti, we offer a complete package of eCommerce solutions including site development and design, maintenance, migration, and optimization.
Our technology stack includes Magento, Shopify, WooCommerce, and BigCommerce which allows us to build projects of any complexity. If you want to enter the eCommerce landscape and build your own unique eCommerce store, get in touch with us now!
Want to Build a Feature-Rich eLearning Platform? Contact Us!
Should you have any more questions, drop us an email at [email protected] and we will take it from there.
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