Online shopping. Shutterstock
Covid-19 will drive the compound annual growth rate (CAGR) of e-commerce sales in Australia to 10.3 percent between 2020 and 2024, according to a new forecast from data and analytics company, GlobalData.
E-commerce payments in Australia grew by 13.9 percent in 2020 to reach A$52.2 billion ($36.7 billion), and are expected to reach A$77.1 billion ($54.2 billion) in 2024. H&M is one notable retailer to have noticed the trend, launching its online store in Australia in October 2020.
According to the Australian Bureau of Statistics, online sales in Australia registered a 55 percent rise in December 2020 compared to same period last year and Australia Post’s Online Shopping Report, published last month, revealed over 5.6 million Australian households shopped online in December 2020, a 21.3 percent growth compared to 2019′s monthly average.