Black Friday and Cyber Monday have been and gone but in Australia, the biggest online shopping day of the year is still to come: Boxing Day, the 26th of December.
According to a new survey by GlobalData, Boxing Day online sales in Australia are set to increase 45% to $290 million AUD ($222.41 million USD), up from $200 million AUD ($153.34 million USD) in 2016.
That is three times more than average online sales on any other day of the year, representing a huge opportunity for cross-border retailers. Aussie online shoppers also still like to use card for online transactions, says Arnie Cho, Payments division senior analyst at GlobalData:
“We estimate that over 40% of this year’s Boxing Day online sales will be transacted through cards, which remain the preferred payment mode for eCommerce transactions in Australia"
Australians spent about $1.67 million every minute of Boxing Day, according to research from Finder.com.au, and in 2015 more than 50% of shoppers logged on between 6am and 1pm AEDT (11am and 6pm PST) on the day to get the best bargains.
Speculation is rife that new arrival Amazon Australia will launch a Boxing Day sale with significant discounts and expedited shipping, which means retailers need to compete or risk losing sales and potential repeat business. A recent survey of Australian shoppers found 63% want a retailer who offers free shipping and Graham Cooke, Insights Manager at Finder.com.au says this is the gap that retailers need to fill to edge out Amazon.
“Cost of shipping is clearly the biggest bugbear for Aussie shoppers and for those basing their experience off Amazon overseas, disappointment could be likely.
“Retailers who offer free shipping across the board along with cheaper prices are going to capture more online shoppers”
Retailers around the world are setting their sights on Australia's booming eCommerce market, thanks to the country's high GDP per capita of $55,215 USD and potential for accelerated growth. Australians want to shop with trusted brands, using their preferred payment methods, and receive free shipping and returns like their U.S. counterparts, so retailers looking to expand cross-border should capitalize on this unique opportunity as soon as possible.