The Commonwealth Bank of Australia (CBA) is predicting another tough year for bricks-and-mortar retail with an increasing number of customers to shift their purchasing online, adding to the current headwinds pummelling the sector including price deflation and the appreciating dollar.
A new report on the size and expected growth in online sales by Australian consumers forecasts the trend towards online retail consumption will continue to grow at rapid rates over the next five years, reaching 9.1 percent penetration by 2018 against roughly 5.1 percent presently.
The new research from CBA is based on transactions recorded on its credit cards by customers.
(Source: The Sydney Morning Herald Online )