Here’s how many new shoppers entered online space in Australia

Australia’s e-commerce market has been on a growth curve during the past few years

Australia

Here’s how many new shoppers entered online space in Australia. Source: unsplash.com

According to GlobalData, the Australian e-commerce market is expected to reach Australian $52.2 billion in 2020.

Social distancing, self-isolation, closure of brick and motor stores due to lockdown measures have led to higher preference for online channel by consumers for making purchases during the pandemic. The current crisis opened e-commerce market to a whole new set of consumers who were earlier not using online channel
Ravi Sharma, Banking and Payments Lead Analyst at GlobalData

The report reveals that one of the key barriers to e-commerce adoption in the country was consumers’ habit to physically see products before buying.

However, this is gradually changing as physical stores are being shut and consumers are being compelled to shop online. As a result, in April 2020 alone 200,000 new shoppers entered online space in Australia.

As to the most preferred e-commerce payment method, that’s credit and debit cards, accounting for 49.3% share. PayPal, Apple Pay, and Google Pay are increasingly preferred as they offer added convenience by enabling faster payments during checkout.

We’ve reported that Xinja Bank will launch a share trading platform Dabble giving Australian investors access to over 3000 US shares and exchange-traded funds.

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