Global e-commerce, surging from high to high, continues to outpace most Australian businesses. Intelligent online inventory management is the trick to help ensure your business is a success and taps into the benefits of the next decade.
Get online and take orders
Australians firms typically have a low online presence compared to online peers in Scandinavian countries, Europe, and even New Zealand. But how bad is it? Measured as those which have a website, only about three-quarters of Australian firms have a web presence. That compares to nine out of ten firms in Scandinavian countries.
There is also a marked difference between a firm that has a web presence and a firm that is able to exchange goods or services for cash via web portals. Overall, less than 40% of Australian firms are able to genuinely participate in e-commerce.
Be the move-maker in your sector, not a place-taker
Your firm has a real advantage if it belongs to a slow-to-disrupt sector or industry. The easiest to convert areas have already gone online – entertainment and media, wholesale services, and retail consumers. That leaves the untouched sectors, like construction, transport solutions, agriculture, forestry and fishing almost offline.
If your firm competes in an ‘offline’ or ‘traditional’ industry, break the rank and file and get your presence out there. Smart business owners, operators, and shareholders are switched onto the benefits and huge growth potential of online inventory management. Change might not have happened in your sector, but you might not want to wait until the change happens to your firm.
Know your customers’ habits and preferences
Clients and customers access goods and services with almost unsurprising predictability. You can use these data insights to increase revenue for your business. You could even tailor what you offer or how you advertise.
In Australia, the biggest spenders on online consumables are aged 34-44 and about 30% spend between 7 pm and 10 pm. In fact, most of the online market, about 85%, is made up of homeware and appliances, personal and recreation, and fashion. In other words, all other e-commerce businesses take in about 15% of the online market.
Add to that the fact that many Australians prefer buying within their own state, and most residents of particular states, like New South Wales, regularly spend much higher amounts online than others. Seasonal celebrations or events cause a spike in demand for categories of products (like toys, which experience about 40% of their annual sales within the few months before Christmas). Mobile devices also account for most online purchases.
Preparing your business for 2019 and beyond
These insights won’t guarantee the success of your e-commerce business, but they will help to alert you to some of the key trends that are already strongly visible in the Australian online market. Start with the basics and do your research. Make sure your business comes out on top in the future with good online inventory management practices.