Australia’s e-commerce market has been on a growth curve during the past few years
According to GlobalData, the Australian e-commerce market is expected to reach Australian $52.2 billion in 2020.
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.