In general, Australian consumers are highly tech-savvy and willing to embrace new technologies that can have a meaningful impact on their lives. Within the context of digital commerce, the ability to research potential purchases and obtain information about emerging brands is something that is highly valued by many consumers.
Paper-based payment methods are set to see a further decline in usage over the forecast period, with cheques already virtually unheard-of, and cash losing favour, especially amongst young people. Electronic payment methods are set to increase in popularity, with tap and go payment options such as mobile payments in particular set to benefit from more widespread adoption.
Digital commerce in both proximity and remote locations is accelerating rapidly. Many Australians are embracing digital payment solutions such as Afterpay, zipPay, Google Pay, Apple Pay and banks’ own mobile payment solutions.
With consumers’ purchasing habits evolving over the review period, Australians are now more likely than ever before to shop online. Many people are embracing innovative and meaningful new technologies to enhance their shopping experience.
Amazon's much-hyped Australian launch in 2018 was billed as a revolutionary moment in the development of the country’s digital commerce scene. Although it had some teething troubles, the global online retailing colossus is seemingly on track to replicate the success seen in other countries, and its emergence in the country has shaken up the country’s digital commerce industry.
Banks are offering mobile wallets such as Apple Pay as a means to gain market share, as these enable their customers to make payments easily and conveniently on their phones, tablets and wearable technology. For the banks which have come on board with Apple Pay, it means there is less of a threat that consumers will jump ship to their competitors.
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