The WorldFirst Retail Report 2021
WorldFirst is an international payments company with a mission to create the world’s best foreign exchange platform for individuals and international businesses.
Among WorldFirst’s customers are thousands of retailers, many of whom are members of the Australian Retailers Association.
We recently asked our members about their 2021 priorities and other insights... this is what we uncovered.
Top business priorities for 2021
When we asked our ARA members what the top business priority of the year was – just over 45% of respondents answered ‘growing online sales’.
Other priorities included reviving instore sales, talent and staffing matters, upgrading tech and reducing supplier costs.
Online growth, transformation and conversion rates
As you can see, a strong theme amongst the top ten priorities for retailers was improving the performance of eCommerce channels. Those who had established online channels thrived during the lockdown periods of COVID. Those who weren’t mature in their online channels made launching a top priority.
Utilizing marketplaces for growth
Expanding through a marketplace could be a quick way to grow your online sales. It can be easier to receive organic traffic, or you can take advantage of built-in advertising tools. eBay and Amazon lead the pack with most web visits in March according to similarweb.com.au. If New Zealand is a market you are looking to expand to, Trade Me is the leading marketplace with almost 20 million visits in March.
Utilizing these marketplace platforms is also a great way to dip your toes in global online sales. More on that below!
Only 25% of respondents reported that they’re selling cross-border with New Zealand and the United States. While most retailers source products from overseas markets, far less are taking advantage of the cross-border selling opportunity. Australia’s retail market is estimated at around 300 billion while the US and China are estimated to be worth over 5 trillion USD in 2021. Marketplaces like Tmall, Lazada, Amazon and Walmart are examples of major players in the United States and Asia.
WorldFirst is an international payments company with a mission to create the world’s best foreign exchange platform for individuals and international businesses. Currently, more than 400,000 global customers & 150,000 global businesses choose WorldFirst for their international transfers. The organisation has transferred £70 billion for customers since its launch in 2004, with more than 1 million transfers per year.