online shopping is changing, but retailers are still not getting enough bang for their buck.
The online market is expected to grow 7.3 per cent to $2.4 trillion by 2019, according to research firm Mintel.
That’s more than double the annual growth rate for the Australian dollar.
The shift is partly driven by the proliferation of online shopping sites like Amazon.com and eBay.
It’s also partly driven in part by a globalisation in commerce, with more Australians shopping online.
Online shopping, especially online shopping for brands, is a $300 billion business, with $300bn of that being in the home.
But retailers are facing growing competition from Amazon.
They are competing with a raft of third-party sites like Gumtree, Etsy, eBay and others.
Dr Murray said a growing number of consumers were buying online without even having read the fine print.””
That’s going to create competition in a very positive way.”
Dr Murray said a growing number of consumers were buying online without even having read the fine print.
“It’s a little bit like the gold rush,” he said.
“They’re going to go into that store and see it’s cheap and they’ll buy it, then they’ll go out and buy the goods they want.”
“I don’t think we’ve reached peak gold rush.”
Online shopping has been a hot topic in the Senate, with the Government’s online shopping reform package tabled last month.
But it is unclear whether that bill will pass the Senate.