A new report has predicted Australian consumers will spend billions of dollars using their credit cards over the internet, as economic and employment uncertainty drives shoppers away from physical retail outlets.
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Research published by financial services group PricewaterhouseCoopers (PWC) and compiled by Frost & Sullivan tipped internet expenditure to top $13.6 billion over the course of this year, up by 13 per cent on last year’s total.
“Australia’s retail landscape is commencing a structural shift as more consumers start to spend a greater share of their wallet online,” said PwC global retail and consumer advisory chief Stuart Harker. “Large and small retailers alike are facing stronger than ever competition from digital channels, both here and overseas.”
Out of 1,200 people questioned, 86 per cent expressed an intention to either maintain or increase their online expenditure over the next year. The survey also estimated around $6 billion would be spent through overseas websites.
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Frost & Sullivan senior research manager Phil Harpur noted that internet shopping is expected to grow twice as fast as its bricks-and-mortar counterpart over the next four years, surging to $21.7 billion by 2015.
While 95 per cent of participants said they searched for reviews and price comparisons before committing to a credit card purchase over the world wide web, 65 per cent revealed they checked online resources prior to buying in person.
PwC national digital lead John Riccio cited increased choice, a wider variety of products and simple convenience were three of the key factors driving shoppers away from retail chains and on to the internet.
He also warned physical stores that failure to establish an online presence could see them left behind in the next few years and suggested their failure to set up websites had contributed to relatively slow growth in web shopping.
