Influence of technology in Australia’s thriving digital economy and evolving consumer trends – iTMunch

Australian flag hoisted on the Sydney harbour

Welcome to Australia, the land down under. As we set foot into post-pandemic life, a lot has changed since 2020. Speaking about change, Australian consumers have responded very well in order to all kinds of situations around them during both; the particular pre-pandemic plus post-pandemic times. Today, we will largely delve into understanding Australian consumer behaviour in the digital world.

What are the latest consumer trends? How do customers in Australia embrace technology? We will find answers to these questions in this article. As countries across the particular globe push to create a digital future, Australia is no exception. A Gartner report states that Australian consumers are expected to spend more than A$109 billion in 2022 .  

While the commercial sector is on board with digital transformation, the agenda of corporate Australia will be no different. In the report, Gartner has also highlighted how organizations should accept business compossibility to enjoy success in the long run.  

Businesses within Australia continue to strive to create a digital future and rethink their strategies close to this theme. Business leaders need in order to identify the particular need for agile solutions that support business compossibility.  

The foundations with regard to digital transformation are strong nationwide. Aussie consumers have been at the forefront in embracing innovations and technologies. Without further delay, let’s look at a few key tech styles currently dominating the Australian market.  

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Consumers plus businesses walk toward a digital future in Australia

On the ground, consumers are keen on using the latest tech gadgets, shopping online, patronizing e-commerce stores, and using mobile applications to book movie tickets, make an appointment in the dentist, reserve a table in a restaurant, and more.  

On the corporate front, businesses are embracing technologies to stay ahead of the particular curve. Besides, business frontrunners have recognized the need to leverage innovations and technologies in order to stay competitive in the current business landscape. Corporate and customer trends nationwide point toward one direction and that is; an electronic future.  

  •   Aussie consumers plus businesses are usually embracing sustainable IT

The particular echoes associated with global warming and climate change have got compelled the particular technology sector to seek greener and much more lasting alternatives. In the current scenario, environmentally friendly IT is the need of the hour. But what does it mean?

Sustainable IT primarily refers to an eco-friendly approach to using, designing, and disposing of electronic hardware plus software applications. Companies operating within the IT space should make conscious efforts to educate their customers and end-users about how they should dispose of tech hardware sustainably.  

Australian consumers are also inclined toward purchasing products from companies that will have a low carbon footprint. Many businesses have sped up plans to minimize their carbon footprint to ensure we attain carbon neutrality by 2050.  

  • Cloud-first IT strategies are in vogue

Cloud computing concept

Over the past few years, the demand regarding cloud-first THIS strategies has witnessed noteworthy growth. Thus, investments towards building improved cloud infrastructure and technologies are also growing.  

The Tech Council of Australia (TCA) aims in order to accelerate electronic transformation across Australia by encouraging companies to deploy cloud-first IT strategies. The TCA is usually set on a mission to make Australia the particular go-to destination to begin and scale-up cloud-first THIS infrastructure and companies. The particular TCA is touted to play an important role in ushering the country back in order to normalcy after the setback from the COVID-19 pandemic.  

Google announced this would invest A$1 billion (US$740 million) in Australia over the next five years, developing a research hub, expanding its cloud computing capabilities, and supporting collaborations along with regional businesses.

Google’s Digital Future Initiative will produce around 28, 000 new jobs overall and 6, 000 brand new direct positions in Australia. It will strengthen regional digital economic facilities.

Today, firms must adopt cloud-first system if they do not wish to fall behind.

  • Consumers push companies to improve operations plus replace outdated tech

Today, many businesses across Australia are looking for systems that help them improve their relationship with clients. This is mainly because Aussie consumer developments show that today’s customers are looking beyond the product or service. Customers want better support, seamless experience , and to some extent, a flavour of personalization while interacting with companies.  

To cater to this consumer behaviour, businesses are turning to technologies that offer favourable operational leverage. Electronic transformation, which was once deemed “complex” and “intimidating”, no longer carries that will image in the Australian business world.  

As consumer behavior changes, businesses have acknowledged the need to offer tech-savvy assistance and services to their own consumers plus employees. Against the backdrop of this trend, company leaders are usually looking at automation to reduce friction across business functions.  

  • Consumer tendencies suggest that on the internet shopping has gained popularity

A consumer entering his card details to complete online transaction

The value of the Australian online shopping sector stands at $47 billion within 2022 . Nowadays, over 5 million Aussie households shop online every month .  

The COVID-19 pandemic has done its bit to change consumer trends and conduct nationwide. Since consumers could not visit brick-and-mortar shops for almost a year about 2020, on-line shopping became very popular. The growth of on the web shopping has increased consumer footfall on e-commerce websites. In the digital globe, we call it web traffic.  

In 2022, despite all COVID-related restrictions lifted by the government, consumer trends show that online shopping in Australia will remain popular.  

The online shopping market has witnessed a 20% year-on-year development in Australia between 2017-2022 .  

What is driving this customer trend inside Australia? At the beginning of the outbreak in 2020, consumers turned to online buying because of a lack of alternatives, personal safety, and endless government restrictions. Today, in 2022, the particular factors traveling this consumer trend have changed. Convenience, value intended for money, and access in order to a dazzling array of products are the primary reasons on the internet shopping is successful even inside 2022.  

Will customer behaviour switch again? Time will tell.  

  • Customers expect sustainability from retail shops

An online retailer delivers a sustainable packageg

Consumers demand sustainability. All of us discussed exactly how big technology companies are embracing healthier and more eco friendly alternatives. The expectation through online store shops remains the same. The particular push to get sustainable packaging and practices has intensified over the past couple of years – a consumer trend that will continue in the future.  

Nearly 80% of Australian consumers care about environmental durability . Many have also identified product packaging as the key area where on-line retailers can do their little bit to become more ecological. Using environmentally friendly materials is definitely a good start. Online retailers may lose customers if these people usually do not pay heed to these customer expectations.  

Consumers in Australia are more willing toward buying sustainable products – be they fashion or fast-moving consumer goods. Another consumer trend that is worth mentioning is the particular noteworthy rise in the number of online searches for sustainable items.  

Consumers are becoming a lot more conscious about the environment. Therefore, brands should acknowledge this customer trend plus work toward environment-friendliness and sustainability.  

  • The increase and rise of electronic payments

We have seen significant changes within the manner in which consumers spend and send money. Today, a large chunk associated with the population makes digital payments either by card or an online wallet. When we speak regarding online or digital payments, it is impossible to not ignore buy-now-pay-later (BNPL). It is arguably the fastest-growing payment method nationwide, because of high interest from the Gen-Z populace.  

BNPL does exactly what it says. It gives users the option to gain both products and services without paying pertaining to them at the time of purchase. Instead, the payment is made in instalments over some time. Because BNPL solutions do not charge interest on the repayments, they enjoy the benefits of a legal exception plus sidestep the National Credit Act’s regulations.

While Australians have accepted this payment option, there are risks involved. According to estimates, 30% of Australians used the particular BNPL transaction option last year. Among these, 50% have made late obligations, and 78% of those possess experienced some type of financial hardship.  

There are many suggestions that Australia ought to adopt the strategy used by the United Kingdom and start an independent review of the particular BNPL industry. This would pinpoint any potential problems before establishing the security measures to ensure that these services are safe for the particular Australian human population.

Final thoughts

Advances in tech will carry on to influence consumer styles worldwide. Aussie consumers are usually no strangers to technology innovations and have often embraced electronic advances warmly. Right from the corporate planet to the retail sector, the push meant for digital transformation is clear in Australia.  

In addition, government rules, private entities, and rapidly evolving consumer behaviour have provided fertile grounds designed for the growth of the particular tech business in Australia.  

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Feature Image Source: Photo by Stephen Tafra on Unsplash

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Sources:

[1] Moore. S (2021) “ Gartner Forecasts IT Spending within Australia to Grow 6. 5% in 2022 ” Gartner [online] Accessed [September 2022]

[2] [3] [4] [5] Chavda. H (2022) “Australia’s Online Shopping Behaviour Report – 2022” Savvy [online] Available through: https://www.savvy.com.au/australias-online-shopping-behaviour-report-2022/ [online] Accessed [September 2022]