Australia Post has just released their "2024 Inside Australian Online Shopping eCommerce Industry Report" and it includes some interesting nuggets.
Australia Post has just released their "2024 Inside Australian Online Shopping eCommerce Industry Report" and it includes some interesting nuggets. In 2023:
➡ 9.5 million Australian households spent a combined $63.6 billion on online shopping.
➡ Online shopping now makes up 16.8% of the total $361 billion spend on retail goods.
➡ The report identifies an emergence of the Strategic Shopper—a value driven consumer who is selective with what, where and how they spend their money.
➡ The amount of online shoppers has increased 1.4% YoY, but spend is down 1.2%. People are buying more frequently but with smaller baskets. In 2023, average cart size was $98.10 (down 4.6% from last year).
➡ The largest share of the total spend was in the home and garden category with$16 billion (down 7.6%).
➡ Variety stores saw the biggest increase: 9.1%YoY growth ($15.8 billion).
➡ In the past few years, rural and regional areas have seen more growth in online shopping than metro areas - 18% increase since 2019, vs 16% for metro.
From a commercial property perspective eCommerce has significantly impacted the market, particularly in the warehousing and industrial sectors. Continued growth demands efficient logistics and distribution centres to fulfil orders and handle inventory with technologically advanced warehouses and industrial facilities capable of handling the complexities of modern supply chains.
The rise of same-day and next-day delivery expectations has led to a greater emphasis on strategically located fulfilment centres, driving up demand and leasing costs for properties in key logistics hubs. Meanwhile advancements in automation and robotics within these fulfilment centres is part of a growing focus on maximising efficiency and productivity.
The continued growth of eCommerce is expected to drive increased investment and development in warehousing properties to support the evolving needs of the digital economy.
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