If last year’s figures are anything to go by, the online retail industry could see revenue increase by as much as 108 percent in December.
According to data from payments company, Square, Australian retailers should be preparing for a busy shopping season, with consumers set to splash cash across multiple sales platforms.
While analysing sales data for the 2017 holiday season, the company discovered that November 25 was the busiest day of trade for both online and offline retailers, with sales peaking at 12 noon. As a whole, the month of December saw higher volumes of foot and online traffic, resulting in increased sales performance, with weekends being the most profitable.
In November, retailers reportedly increased their revenue by 57 percent, while Square recorded a 73 percent increase in December. Interestingly, e-commerce saw the highest sales growth last Christmas, with e-tailers increasing their sales by 108 percent in December, while in-store purchases only rose by 79 percent.
Jason Chongue, the co-founder and director of The Plant Society says he is expecting to see a similar boost in sales this year.
“While we’re busy year-round, we definitely notice sales spikes around key gift-giving periods like Christmas,” he says. “Looking at our sales data from last year, we can predict exactly when our peak selling days are likely to be, so we know when we need to have extra staff, payment devices, and stock on-hand.”
According to Chongue, The Plant Society almost doubled its average monthly revenue in December 2017, recording a 190 percent increase in sales. “We usually start to see sales increase through the end of October, with November jumping again, and then in December, we expect our biggest trade.”
In 2017, retail trade increased by a total of 106 percent over December, coming in behind the leisure and entertainment industry, which reportedly increased turnover by 159 percent. According to Square, retailers should expect to see similar results this year and should prepare their inventory and marketing efforts to maximise sales opportunities accordingly.
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