Australia and New Zealand online shopping market insights
According to new research by PwC and Frost & Sullivan, online shopping increased to NZ$2.68 billion in 2011, an increase of 12% from 2010.
Online shopping, both locally and offshore, is expected to grow at least twice as fast in comparison to the total retail market in New Zealand and Australia over the next four years.
According to the report, online spending by New Zealanders now accounts for 5.1% of all retail sales, on par with Australia but well behind markets such as the US and UK.
Large and small retailers alike are facing stronger than ever competition from digital channels, both here and overseas. Lower prices, convenience, greater product range and a growth in mobile devices are all factors fuelling online shopping.
This presents both challenges and opportunities for retailers, both in rethinking the role of the store as well as engaging with customers through multiple channels to build deeper relationships.