The number of households who shopped online in December jumped 21.3%.
Australia’s e-commerce sales are projected to rise at a CAGR of 10.3% from 2020 to 2024 as the growth trend of online channels in 2020 are expected to carry over in the next few years, according to a report from GlobalData.
E-commerce payments are expected to grow by 13.9% in 2020 to $36.7b ($52.2b), as wary consumers stayed home and used online channels to avoid physical contact. This is expected to further reach $54.2b (A$77.1b) in 2024.
“With social distancing rules and closure of many brick and mortar stores, shoppers had to embrace online channels for day-to-day shopping,” GlobalData’s banking and payments senior analyst Shivani Gupta commented.
According to Australian Bureau of Statistics, online sales in Australia registered a 55% YoY rise in December 2020. Australia Post’s report revealed that over 5.6 million Australian households shopped online in December 2020, a 21.3% jump compared to 2019 average.
“A significant rise in consumer preference for online channels during the pandemic coupled with proliferation of online retailers and customized payment solutions will further drive e-commerce growth in Australia,” Gupta added.
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