Despite Myer posting an overall loss for the 2010/2011 financial year, its online sales have increased over 300% this fiscal. And while the department store’s online sales currently account for a small percentage of its total revenue, the sector is predicted to grow.
Australians embrace online shopping
While Australians have been slow to take up online shopping, largely due to a lack of regional broadband connectivity and privacy concerns, they are quickly catching up. Online sales are becoming a boom area for retailers, who save on overheads and staff costs. Yet retailers continue to face competition from overseas businesses, who are exempt from charging GST on purchases under $1,000.
Social Media used to boost online sales
In response to the growth, Myer is spending $6 million upgrading its website and will launch a multi-channel sales strategy including Facebook and Twitter activity early next year. The retail giant predicts that its online sales, currently valued at around $5 million, could eventually match sales at bricks and mortar Myer stores, in the region of $20 – $30 million.
_____________________________________________________________________________________________
Twitter Role:
Featured: Myer @Myer_MyStore
Article by: Dan Kuseta @dankuseta, @smkapac
RECOMMENDED FOR YOU
Meta Bets Big on Meta AI
Meta has recently amplified its role in the generative…
Meta has recently amplified its role in the generative…
LinkedIn Trials Premium Company Page Business Subscription
LinkedIn is looking to follow Meta’s lead as it…
LinkedIn is looking to follow Meta’s lead as it…
Google Introduces New Generative AI Video Tools
Google has recently enhanced its creative tools by integrating…
Google has recently enhanced its creative tools by integrating…