Australian firms across all sectors have been delivered a wake-up call to better adjust to the digital economy or risk further losing market share to international competitors, according to The Australian Financial Review.
Greg Ellis, chief executive of online real estate advertising firm REA Group Ltd, said the leaders of companies across all industries are failing to keep pace with digital innovation and changing consumer patterns.
“On a bigger scale Australia needs a damn big wake-up call,” Mr Ellis said, according to theAFR.
“We've got some material competitors coming who could take a significant percentage of market share and jobs away through the strength of their digital offering.”
He added that Australia is facing a “significant shortfall” of skills needed to help Australian businesses adapt to the digital economy.