Growing Online Shopping Trends In Australia And New Zealand
According to a recent study conducted by the PwC Network regarding the online commerce sector in Australia and New Zealand, web-based consumer economy is expected to rise steadily in the next four years.
PwC is an international network of service firms, established in countries all around the globe. PwC Australia, their regional service firm, is one of the country’s leading professional services firms. Comprising of a workforce of over sixteen hundred thousand people, the company provides quality in assurance, advisory, tax & legal, as well as private clients’ services.
Recently, PwC Australia published the Digital Media Research 2012 report, which provides market insights related to online shopping in Australia & New Zealand for the years 2011 and 2012. The Digital Media Research 2012 report goes further than just discussing the online shopping trends in the said two countries for the past couple of year and also predicts estimates of growth in the web-based online shopping and retail market in the coming years, all the way up to 2016.
The infographic, which was published in July 2012, states that almost 9.6 million Australians and 1.9 million New Zealanders aged over 15 were expected to make purchases online in 2012. The total estimated retail sales for Australia were around $253.80 Billion, while for New Zealand this number was expected to be $54.24 Billion for the year 2012. For this same year, the total online expenditure was expected to be $16.0 Billion for Australia, and $3.19 Billion for New Zealand.
The same report predicts that by 2016, the online merchandizing market is estimated to grow at a Compound Annual Growth Rate (CAGR) of 14.1% to $26.9 Billion for Australia, and at a Compound Annual Growth Rate of 14.3% to $5.37 Billion for New Zealand.
Moreover, based on findings from the report, the highest selling goods and services during the last 12 months on online stores include electronics (with a staggering 62% in Australia and 65% in New Zealand), followed by clothing (61% Australia, 62% New Zealand), then books and recreational items, and finally food and alcohol.
People cite that the prime reason for them to shop online is that web-based stores offer considerably lower prices than high-street retail outlets. Secondly, online stores offer more convenience to their clients in terms of browsing and searching for new goods. They provide them with a wide range of products at easy, with the choice to shop and order their selected items at any time of the day.
Most people prefer to use their personal computers to shop online, followed by mobile phones (including smartphones), and finally tablet PCs, such as the iPad. This may be attributed to the ease with which products can be browsed online with these devices.
Furthermore, before shoppers actually go to a web store to buy a product online, more than 94% of Australian shoppers carry out research about the product they are going to purchase, the report says. Research can be either offline, online, or both. Also, before making purchases online, they tend to first visit review sites, blogs, and discussion forums through search engines in order to get to know more about their product. Once they are satisfied with their selection, they go to the retailer’s website, and proceed with their online purchase.
To view the Digital Media Research 2012 report from PwC Australia, click here.