E-Commerce is flourishing across the globe, and Australia is no exception. With a population of twenty-five million, Australia is one of the top E-Commerce markets.1
More and more retailers are serving customers through online platforms instead of traditional brick-and-mortar stores. Moreover, Covid-19 has accelerated the shift towards Australia’s E-Commerce market through the implementation of social distancing measures and lockdowns. These measures have enhanced online sales and retail spending.
How will the Australia E-Commerce market expand in the next years?
The following statistics will visualise the current E-Commerce trends.
1. Australia was ranked the 11th largest E-Commerce market in the world in 2020 and has experienced strong growth over the past period.2 The Covid-19 pandemic will further drive E-Commerce sales at a compound annual growth rate of 10.3% between 2020 and 2024. Besides this, experts also forecast a year-on-year increase in E-Commerce revenue in the future.3
One of the major reasons for Australia’s E-Commerce growth is the changing shopping behavior because of the Covid-19 pandemic. In a time of crisis, people have shifted from visiting traditional brick-and-mortar stores to online shopping. The convenience brought by E-Commerce through home deliveries and PUDO networks is expected to gain popularity, reach wider audiences, and increase sales for retailers in the years to come.
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2. The fashion and apparel sector are forecasted to drive Australia’s E-commerce market. The industry is expected to experience an increase in online apparel sales, from US$19,912 million in 2018 to US$21,739 million in 2022 and US$22,282 million in 2023.4
Among all clothes, athleisure, unisex fashion and footwear were the fastest growing fashion segments, achieving over 75%, 49.7% and 32% year-on-year growth respectively.5 These segments provide opportunities in the Australian market which retailers can utilise to attract customers and increase profit.
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In conclusion, Australia’s E-Commerce market is booming and continues to grow in the near future, with fashion and apparel as key segments.
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- (Wade, 2018). Australia’s population clock hits 25 million.
- (International Trade Administration, 2020). Australia E-commerce.
- (Australia Post, 2020). Inside Australian Online Shopping.