Science & Technology

Here’s how e-commerce growth will change in Australia by 2024

The e-commerce market in Australia has been on a high growth curve over the past few years

Australia e-commerce

Here’s how e-commerce growth in Australia will change by 2024. Source: pexels.com

The COVID-19 outbreak is expected to drive e-commerce sales in Australia at a compound annual growth rate of 10.3% by 2024, according to GlobalData.

The report states that e-commerce payments in the country are estimated to grow by 13.9% in 2020 to reach A$52.2 billion (US$36.7 billion). That’s because a lot of consumers stayed home and used online channels to avoid physical contact.

This trend is likely to continue and as a result, e-commerce sales in Australia are expected to reach A$77.1 billion (US$54.2 billion) in 2024.

COVID-19 has changed consumer buying behavior as they are increasingly switching from offline to online channels. With social distancing rules and closure of many brick and mortar stores, shoppers had to embrace online channels for day-to-day shopping
Shivani Gupta, Banking and Payments Senior Analyst at GlobalData

As of December 2020, online sales in Australia registered a 55% rise compared to the same period last year.

We’ve reported that the coronacrisis caused decline in Australian card payments’ growth.

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