Online shopping has been highlighted as one of the top 10 growth industries for 2010, with an expected increase of 4.7%, and a revenue of $20 billion.
In a special industry report – Industries to Fly and Fall in 2010 – IBISWorld revealed online shopping as one of the top ten sectors that are set to fly this year.
While 2009 proved to be a tough year, characterised by rising unemployment and economic gloom, the new year may well bring good tidings for some Australian businesses, with projected GDP growth of 2.2%.
As access to technology improves, and Australia’s overall skill in using it grows, time-poor bargain hunters will continue to flock to e-tailers to meet their shopping needs. Improvements in online-store efficiency, reliability and security are expected to drive industry growth of 4.7% in 2010 to reach $20 billion — resulting in a 2.9% growth in employment.
Within Australia, online sales currently represent just 5.5% of all retail sales, well below levels in the United States and Britain. Current lower levels are partly due to the fact that Australian retailers have been slow to offer online sales, using the internet solely as a marketing tool. If Australian retailers do not embrace online sales, they could lose billions of dollars in potential sales to specialist stores and foreign competitors.
Source: Online Shopping Australia & IBISWorld Australia
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