4 Fast Facts About Australian Ecommerce in 2023:
1. 47% of Aussie consumers are doing more research this year than last, going online to discover if products meet their needs before purchasing. ????
2. 58% of retailers believe price will be the greatest consumer expectation over the next 12 months. ????
3. 55% of consumers purchase from email channels the most, followed by social media ads (44%), and organic social (37%). ????
4. 52% of Aussies say receiving irrelevant content and offers is the most frustrating consumer experience. ????
The Broader Economic Landscape
Although consumer confidence rose this week (up 2.5 points to 74.9), it’s still well below 80. Inflation expectations also rose 0.4% points to 5.9%, while June’s real unemployment figures are up 1.9% points to 10.3%.
Times are tough. Amid ongoing economic uncertainty, shoppers are carefully considering their purchases. However, many are still ready to buy when the time is right.
What Does all this Mean for Ecommerce Stores?
???? Many shoppers have less available cash than last year and are more carefully considering their purchases. So, creating outstanding (and personalised) online experiences that deliver additional value is more critical than ever.
???? While price is a key consideration for shoppers, numbers alone won’t create a customer retention story worth telling. The better the overall experience, the more likely you are to retain customers and increase CLV (customer lifetime value).
???? Now is the time to refine the online experience and earn those more considered purchase dollars. Make it easy for shoppers to find the items they love and quickly add to cart. Show the right products to the right shoppers. Re-engage customers with relevant email communications. And, of course, leverage data to understand shopper behaviour and intent, helping you create customer-led shopping experiences.
Find Out More
Find out more facts and insights about the state of ecommerce in 2023 in the Australian Retail Outlook 2023 Report.
And see the June 27 2023 Roy Morgan update.
