Confirm your details, and one of our friendly local team will get in contact to discuss your requirements.
Thank You!
One of our friendly local team will be in touch with you shortly.
29 March 2018
Victoria Galloway
What can Australia learn from international markets?
The stats are in! eCommerce in Australia is strong and there's money to be spent.
With a GDP per capita of $88 thousand, Australians have significant purchasing power and disposable income, and eCommerce market is expected to surpass $24bn this year.
The uptake of digital payment solutions around the world, with countries in Europe and Asia moving swiftly towards a much more mobile centric and unified payment system, offers valuable insights into what’s next for Australia’s payment landscape. What can we expect to see next and what lessons can we learn from countries who have been there, doing that? Let’s take a look.
HOW DO AUSTRALIANS SPEND?
Business activity:
2.24 Million businesses are actively trading online
Cash & contactless:
45% carry cash for emergency transactions
19% of cash payments account for merchants not accepting alternative payment methods
Top 3 growth industries:
EFTPOS terminals:
Have doubled in the last 10 years
75% of Australians with cards use ‘Tap & Go’
Online shopping habits:
67% of Australians shop online
86% of online shoppers have completed a cross border purchase
Australia's payments landscape:
Growth in online spending outperformed bricks-and-mortar retail by 6.9% last year and traditional retail is still a huge industry in Australia, bringing in $261 billion, but: more than 50% of purchases are now influenced by digital information.
Australia's top alternative payment methods:
2020 OUTLOOK
This data lends itself to three main predictions for the Australian payments landscape.
The first is the decline of the credit card. The second is the rise of the eWallet and the third is that we’ll begin to see businesses offer their customers a much more integrated payments experience.
INTERNATIONAL MARKETS:
The Netherlands:
Closer look: iDEAL is the preferred payment method for: eCommerce, ticketing, invoicing, charity donations and various top-ups. In 2015, iDEAL was used to pay 222 million times with an average value of a little over EUR $81 per transaction. Why is iDEAL so popular?
It's integrated in the online banking portal
It reaches over 90% of Dutch individuals
Payments can settle into any IBAN bank account in Europe
The United States:
China:
Japan:
Denmark:
HOW CAN AUSTRALIAN BUSINESSES LEVERAGE INSIGHTS FROM GLOBAL MARKETS?
In order to leverage customers over multiple channels, Australian businesses should have flexible mCommerce solutions, including mobile SDK and in-app capability.
At Bambora, we offer our customers leading mobile payment solutions that capture channel hopper shoppers while they're on the go.
We also know that omnichannel payment strategies can crack high eCommerce markets, with consumers who shop over multiple channels spending up to 300% more than a single channel shopper.
Keen to find out more about optimising your business' mobile channels or leveraging international market trends. Get in touch with the Bambora team today.
Whether it's retail, the food industry or professional services, this high-gear shift to a digital economy calls for innovation in products and services, as well as new ways of delivering them. Optimising your payments mix (both online and PoS) is key to sustaining this change.
As a merchant, you've probably wondered how 5G can benefit you. This article will explore the impact 5G is having on the mobile payment industry and how it will benefit consumers and businesses alike.
Customer churn can never be entirely eliminated, but it can be greatly reduced. However, many businesses make the mistake of trying to change too much all at once. Instead, it's a better plan to focus on one small step at a time, making gradual improvements to your business's churn rate along the way. Let's look at five proven techniques to reduce customer churn.
