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