“95% of everything bought & sold in Australia is NOT sold online.” – zen10
Retail spending is growing at a rate of 26% per annum, compared with traditional retail sales growth of 1.7%. This may lead you to think that online sales is causing the demise of traditional bricks and mortar retail spending – but you’d be wrong. (ref 1)
In 2011 Australia’s total online spending was approximately 10.9 Billion, but note this accounts for only 4.9% of total retail sales. (ref 2)
So before you have visions of making your next million online, remember that you might be neglecting 95% of possible revenue by not targeting sales offline as well.
The big opportunity is that the 4.9% of online retail is set to potentially increase to 10% by 2015. The decision looming for most business owners is not wether to go with e-commerce or bricks and mortar but when to add online sales to enhance the bottom line of their existing business model.
If you want to be part of a growing industry, start selling online.