Online sales soar
The National Australia Bank's latest online retail sales index shows Australians spent $13.5 billion in the year to April - up 21 per cent, or more than $2 billion, year on year.
NAB chief economist Alan Oster said online retail sales continued to grow at a vastly stronger rate than the traditional bricks and mortar retail sector.
Online sales now represent about 6 per cent of traditional retail spending, with official figures on last month's overall retail trade due on Monday.
This came as Westfield's non-executive chairman, Frank Lowy, told the annual general meeting the group was boosting its online business.
"The shopper will increasingly connect with the centre and its retailers using digital technology," Mr Lowy said.
He told the meeting the constantly changing retail landscape had always been challenging, and remained so.
"The rapid pace of change in retail formats, digital technology and shopping habits make it as difficult as ever to predict the future," Mr Lowy said.
Frequently Asked Questions about this Article…
According to the National Australia Bank’s online retail sales index, Australians spent $13.5 billion online in the year to April, an increase of 21% (more than $2 billion) year‑on‑year.
The NAB online retail sales index is National Australia Bank’s measure of online retail activity. The latest index shows strong growth in online spending, with online sales rising rapidly compared with traditional bricks‑and‑mortar retail.
The article reports that online sales now represent about 6% of traditional retail spending.
NAB chief economist Alan Oster said online retail sales continued to grow at a vastly stronger rate than the traditional bricks‑and‑mortar retail sector.
Westfield’s non‑executive chairman Frank Lowy said the group is boosting its online business and expects shoppers to increasingly connect with shopping centres and retailers using digital technology.
Frank Lowy said the constantly changing retail landscape is challenging and that the rapid pace of change in retail formats, digital technology and shopping habits makes it difficult to predict the future.
The article notes that official figures on last month’s overall retail trade were due on Monday—investors can watch those official retail trade figures to see how online sales compare with total retail activity.
The strong growth in online retail spending signals a clear shift in consumer behaviour toward digital channels. Everyday investors may find it useful to monitor retailers’ digital strategies, NAB’s online retail data and upcoming official retail trade reports to understand how companies are adapting to this shift.
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