While the falling Australian dollar may not seem positive, online retailing may experience a boost as people decide to buy at home rather than abroad.
Retailers in Australia have a reason to be hopeful this holiday season. While the local dollar cannot hold up against foreign currency, it will be more expensive for Australians to shop internationally.
“It’s suddenly become 15 – 20 per cent more expensive to buy from overseas retailers,” said Grant Arnott, online retail analyst.
This gives local businesses a chance to win back any customers that may have strayed, in addition to expanding their reach to new consumers looking for a more reasonably priced alternative to whatever products they were buying from abroad.
According to Paul Greenberg from the Online Retailers Association, the low dollar will be useful in creating movement and strength in the local market. The situation opens up an opportunity for retailers who are up to the challenge to get back in the game, compete with international brands, and secure the Australian shopper’s affection.
To do this, retailers should consider some search engine optimisation (SEO) techniques in order to catch shoppers’ attention. The Online Retailer Expo in Sydney is displaying the most contemporary stratagems and gizmos for this purpose.
For retailers, providing product photographs on their websites is vitally important to securing a sale. New technology on show at the Expo facilitates the process of taking pictures of in-store items and animating them for display, thereby increasing the chance that a customer will purchase goods online.
In order to fully take advantage of the opportunity to increase online sales, Australian retailers should optimise shipping services, so that customers receive their goods as soon as possible. There are particular challenges with this, as Australia has a very large landmass and a relatively small population.
Though there are hurdles to climb, it’s certainly possible to deliver goods in a more timely fashion, and for retailers to spend some time developing their websites so that they are aesthetically pleasing and easy to navigate.