Online sales in 2021 were already well ahead of the prior year, when retailers elongated the cyber sales period, discounted their already depleted inventory balances, and delivered a record breaking November.
Online sales growth in Australia has now consistently outpaced the U.S. over the last decade, however Australian online sales as a percentage of total sales has lagged the U.S. Online sales as a percentage of total sales in the U.S. peaked in Q2 2020 at 15.7% (Australia reached a record at the time of 10.8%) but has since tapered off and settled at approximately 13.5%. In Q3 2021, online sales as a percentage of total sales in Australia surpassed the U.S for the first time reaching 13.8% (U.S. 13.0%), after recording quarter on quarter growth of 40%. This growth is expected to continue throughout 2022 and beyond.
As a result optimisation of online sales, with e-commerce working in combination with other channels, continues to represent a significant near and long term opportunity for retailers.
Our 2021 Online Retail Forecast infographic provides highlights on the current landscape and key trends in the Australian retail sector, along with considerations for retailers.
Click here to download the full infographic
For further information, please contact:
Kate Warwic, Senior Managing Director, FTI Consulting
kate.warwick@fticonsulting.com
