Originally published: Mediaweek, 05 September 2023
The report also found consumers are increasingly focusing on discounts, loyalty programs and seeking price comparisons.
IAB Australia and Pureprofile have found that Australian consumer online retail spending has stabilised after significant growth in peak pandemic years, according to its newly released Australian Ecommerce Report 2023.
It found that 67% of consumers reported convenience is still the number one reason for purchasing online, however with recent rises in the costs of living, the report also found consumers are increasingly focusing on discounts, loyalty programs and seeking price comparisons to minimise unexpected price increases when they shop online.
According to the IAB report, retailers must look to win over cost-of-living pressured online shoppers by ramping up value propositions and providing relevant shopping experiences that are suited to the current economic climate.