A recent report by Experian has been released showing the state of the online retail market.
The key conclusion is that massive improvements are needed and retailers need to embrace the digital space especially now as the retail space both offline and online has become extremely competitive over the past year.
The below statistics should reiterate to anyone in retail that this year needs to be the year that online becomes a number 1 priority.
Some key points in the study include :
- Online Sales in Australia are set to be $37 billion by 2013 up from $27 billion in 2010
- 53% have no online sales channel, meaning they are missing out on a massive amount of revenue coming from search
- 74% get less than a fifth of sales from online
- One third of the top 30 websites in Australia are not local websites
- 52% have online advertising and SEO in Australia as important yet half plan to budget for this next year
- 63% don’t have plans for a mobile friendly website
The problem with the Australian retail market is that it is at it’s infancy when it comes to digital marketing, the retailers in Australia are lacking the confidence with e-Commerce that countries such as the UK or the United States have when it comes to digital marketing.
Many companies also believe they are lacking the technology to adopt an online strategy, yet the truth is the people involved in these retail companies are resistant to change.
The way forward for Australian retailers to become internationally competitive is to take inspiration from the leaders in the United States and the UK and become an international powerhouse online by providing the diversified product ranges found on overseas websites, one of the many reasons why Australian shop on these online websites in the first place, and in online advertising and SEO, by adopting a solid and sound online marketing strategy which yields the best results worldwide, which eBay set the global benchmark.
The below infographic has been provided from an Experian Report.
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