The latest research by CouriersPlease reveals that 90 per cent of Australian online retailers will boost investment in their business to ward against economic pressures.
Ecommerce businesses will expand ranges, improve customer experience and the returns/exchange process, boost marketing, expand into new markets, implement new technology and broaden the delivery options.
Forty two per cent plan to expand their product range, while 38 per cent will improve their ecommerce stores.
The survey of 200 online retailers also revealed two thirds of respondents brought in more revenue last year.
Last year the courier firm conducted a survey which showed retailers had a similar level of attention to the economic headwinds. However there was more of a focus on marketing and workplace flexibility.
Online retailers acting now to tackle challenges ahead
Business owners and senior decision makers participated in the survey. It featured online retailers sized from one to 15 employees right through to firms with more than 200 employees.
Richard Thame, CEO at CouriersPlease, said “Online retailers are still enjoying the positive effects of the ecommerce boom, and total revenue for the Australian market is forecast to continue growing steadily year-on-year, with the market projected to reach US$35 billion by 2025. But the survey shows that retailers are not naïve to economic fluctuations and are acting now to prepare for potential future challenges.”
The highest proportion of retailers planning to improve their ecommerce store are in Victoria – at 40 per cent – compared with an equal 27 per cent of South Australian and West Australian retailers who plan the same.
The greatest number of retailers planning to invest into new markets are in New South Wales (38 per cent), compared with just 13 per cent of West Australians.
Micro businesses are most likely to neglect the need to invest in their business to generate sales in a tough economic period. The survey revealed 20 per cent of this group admitting they will do nothing to hedge against an economic slowdown.