For over 25 years, Australia has sustained a vibrant economy, free from the recession that most of the world experienced less than a decade ago. With their highly skilled work force and economy dependent on service and technology, now is the best time for online retailers in the US market to tap into this $32 billion dollar market.
At the end of 2017, the Australian dollar is expected to be valued at $1.32 against the US Dollar. As one of the wealthiest Asia-Pacific nations, the Australian economy, fueled mainly by their strong service industry, is expected to reach GDP $1.1 trillion by the end of the year. The economic outlook continues to look positive due to stable political environment, minimal government corruption and low government spending. These factors all play into the Australian dollar being highly valued and sought after for eCommerce business globally.
The population of Australia consists of nearly 24 million people, of that 20 million own a mobile device. According to a recent Australian report, the top task performed on a mobile phone is price comparison shopping. Australians want to shop and spend on the go, so it’s important that merchants provide an easy and frictionless check-out experience for mobile users. GlobalOnePay’s mobile payments integration is easy for merchants to set up and is compatible on all mobile devices. Don’t miss out on capturing this growing mCommerce market and create a seamless mobile experience for customers in Australia today!
The Black Friday phenomenon in the US has reached the other side of the equator. While Australians still buy more domestically, their demand for goods in the US has reached an all-time high thanks to big shopping deals during Black Friday and Cyber Monday. Shipping registrations and parcels increased to as high as 200 percent in 2016 according to freight forwarding service ShopMate. To make the buying and checkout experience easy for Australians, upgrade your payment processing to add multi-currency pricing (MCP) from GlobalOnePay. MCP makes it easy for consumers and merchants to buy and sell in Australia and over 100 countries. Customers can easily settle payments in their native currency at checkout and merchants can integrate easily with a shopping cart plug-in and receive funds in US or Canadian dollars minus currency exchange fees. Next holiday season, add multi-currency pricing to help you reach new markets.
Online shopping for Aussies reached new heights last year for domestic sales and that trend looks to continue beyond 2017. In 2016, online sales reached as high as 60%! If you’re a US retailer looking to expand your online operations to Australia, 2018 is the time to do it and GlobalOnePay is your best choice to partner with for multi-currency acquiring. G1P launched multi-currency acquiring services this year for both Australia and New Zealand, helping merchants expand to new markets with just one click. Our payment processing solutions for these markets are seamless and involve no 3rd party gateways or integrations. By processing domestically, you will be taking advantage of lower interchange and cross-border fees, plus reduced risk and fraud when performing cross-border transactions. If you’re ready to test these markets and gain new revenue streams, contact us today!
GlobalOnePay has made it easy for eCommerce merchants to expand their business beyond borders. Learn more about our solutions designed to maximize revenues and reach new markets. Contact us today to get started.
Source: Inside Australian Online Shopping - Highlights 2016, https://acquire.startrack.com.au/, Australia Post, released November 2016
Rod R Katzfey, Senior Vice President, International Acquiring, began his career in banking prior to moving into the merchant services arena. Initially hired as a street-level commission sales rep in June 1996 for FDMS, Rod saw quick success in sales and quickly began to mentor other sales reps and take on management roles. This success has led to growth in his 25+ Years in the Electronic Payments Industry; International and US Domestic Processing, Banking, Payment Gateway & Gift Cards (Open, Closed Loop and Network). Rod is continuously working on ways to differentiate the organizations he represents while also being known for his “out of the box” thinking and approach to challenges.