A new era for retail in Australia?
A research report published this week by PayPal, Forrester Research, Nielsen and the Australian Centre for Retail Studies has claimed that retail in Australia is undergoing “monumental change”.
PayPal’s report, titled “Secure Insight: Changing the Way we Pay”, said online shopping will grow by 12.2 per cent throughout 2012 in Australia. The report forecasts Australians will spend A$37.7 Billion shopping online by 2013, an increase of over a billion dollars since October 2010.
The report also said that despite a strong Australian dollar, domestic retail has continued to account for three quarters (73 per cent) of online consumption in Australia.
PayPal Australia’s Managing Director, Frerk-Malte Feller said, “Consumers are connecting through local, digital, social and mobile channels that add relevance and convenience to their lives. These emerging channels bring huge opportunities for local Australian merchants to compete in the online market and increase engagement with their customers.”
Growing smartphone popularity is changing Australia’s retail environment
The report said that an increase in the number of people using smartphones is disrupting both the traditional and online retail environments.
Mr Feller said, “Smartphones are accelerating the path to purchase by becoming a virtual store in our pockets, enabling consumers and merchants to connect in new ways. In the last year we have seen a wealth of new business models emerge, that are re-defining the point of purchase. For example, QR codes allow traditional media to become a virtual storefront, social media and group buying allow merchants to interact with consumers in new ways and mobile applications are personalising consumers shopping experiences.”
Australian Food News previously reported on the impact of smartphones on online retail in Australia.