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28
MAR

Internet Buying Trends

Currently the Australian Dollar will buy 1.03 U.S. Dollars, 0.73 Euros, or 0.64 Pounds.

This is online shopping heaven! Products from overseas are cheap to order, and many products from Western countries that were once more expensive than their asian counterparts are now cheaper.

While it's easy to think that this is a bad thing for Australian business, it is actually fueling new business as well. Cheaper pricing has encouraged shoppers to move from bricks and mortar stores to online shopping. Customers that don't wish to wait weeks for things to come from overseas are usually quite happy to buy Australian products rather than wait.

Products that were not available in bricks and mortar stores or not sold there at reasonable prices can be sold much cheaper online. This makes them both more obtainable and accessible to consumers.

It's easy for Australian stores without an online presence to simply say they can't compete. This is a bad way of thinking. If the product being sold was a unique product which was already successful in the marketplace, then this is usually the case online. Many Australian products are simply disappearing because consumers choose to buy a similar but inferior product online rather than in person. In reality the better product still had all the opportunity to do well online, but it was never given the chance.

Here are some tips before writing off your product:

-Find online competitors
-Assess the pricing of competitors and the quality of the product
-Perhaps even buy competitors products if you are not familiar with them
-If your product can compete on quality, delivery time, price, or if it just has a desirable unique feature, then you are onto a winner!

If you do find that your product can compete online, then think about launching an online shop. Build one that is easier to use, has more information, and ranks better than competitors websites. Don't throw away a good product just because you think people would rather buy it cheaply online.

 

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