A comprehensive annual study published by BuddeComm, an independent research and consultancy company, in April 2014 provides i information about the trends and developments taking place online and in the mobile commerce (m-commerce) and collaborative commerce (c-commerce) sectors.
The subjects covered included:
- Analyses of key e-commerce trends;
- E-commerce trends and statistics;
- Information on e-payment and e-banking sectors;
- Analyses of key m-commerce trends;
- Information on the key market players.
The full report can be found here.
Don’t have time to read it all, or just interested in those finding that most affect you, here are six of the top takeaways.
Takeaway #1 – Participation in The Digital Economy Is Important to Future Business Success
The digital economy affects everybody. All businesses will eventually need to adapt to the new environment as competition increases and borders breakdown.
It is a question of how well businesses are prepared for the digital economy not whether they will participate.
The finding suggest a near unanimous view that active digital economy participation is fundamental to future business success, despite the diversity in adoption we’ve seen to date.
Takeaway #2 – There Are a Number of Factors Fuelling The Rise in Online Retailing
Across Australia more and more users are now shopping online with many online retailers are finding mobile is their fastest-growing sales channel.
While online sales have been growing at around 20%-30% annually the overall market share is still below 10% of the overall market in 2014. But spending will only increase as many offshore e-tailers offering low-cost deliveries, onshore businesses that operate a retail web presence provide service and communication at a local level.
Low start-up costs and minimal barriers to entry have seen many enterprises, both physical stores and online-only stores, operating successfully in the direct sales to consumers market. In Australia this will continue to grow as we take advantage of the higher speeds that the NBN will provide,
In 2013 there were a number of acquisitions of players in the online space and the consolidation in the Australian online retail sector is set to continue.
Takeaway #3 – Advertising and Marketing Continue To Grow Digitally
Spending on advertising using digital media channels is continuing to grow in market share, despite the slow down in overall advertising spending.
The increase in online advertising comes as Australian businesses expand their presence online and aim to see local sales compete with those made offshore.
According to industry trends, the increased use of video advertising and video viewing is expected to grow consistently over the next five years.
Takeaway #4 – E-banking and M-banking are Making Their Financial Mark
E-commerce has become a very important area of focus for most industries. The rapid dynamics of the e-commerce and m-commerce sectors is forcing players to be innovative, responsive, flexible, and fast.
Person-to-Person email payment is growing and social banking is becoming more popular.
Mobile commerce is one of the hottest sectors right now across the numerous industries that thrive on convenience. Mass smartphone adoption, the success of apps that , and the development of m-wallets – will all come together to fuel the expected spectacular growth in mobile commerce.
Australians are among the world’s biggest users of online banking. EFT and and BPAY. M-bankin has taken longer to emerge but the era of m-payments has now taken off, with all four banks now facing breakneck growth in accommodating mobile payments.
It is anticipated that by as early as 2015 m-banking will overtake online banking in the number of transactions carried out electronically.
Takeaway #5 – Digital Productivity Is Transforming the Australian Economy
There are soon be nine billion people in the world and increasing numbers will participate in the global economy. Whole business sectors are facing digital disruption. People are more empowered. Traditional behaviour patterns are changing. The new jobs are in the new economy, not the old one.
Many businesses are fighting rather than leading the charge, and whole sectors are resisting this transformation, but transform it will, either with or without them. This is where wn improved web presence will serve businesses well.
Takeaway #6 – Issues around the Control and Governance of the Internet Still Abound
Resolution of the issues surrounding control of the Internet is of fundamental importance to its successful future. Security and governance are existing issues for emerging sectors. The security of the various aspects of the digital economy is a key issue for most. As such, analysts predict sharp rises in spending on e-security and mobile security and these will undoubtedly be reflected in the websites of the future.