Australia is considered one of the quickest countries in the world to start a business with its startup ecosystem now one of the fastest-growing globally. As a nation, we’ve proven ourselves to be creative, ambitious problem-solvers thanks to fast-growth brands like Geedup, the premium streetwear label that’s mastered drop-culture and community often selling-out collections in minutes (in June this year they accrued more than $2.91M in revenue in six hours), and Miss Amara, the design-led rug brand founded by a couple who invested their life savings into the business idea in 2014, and now turnover more than $22M a year.
According to Paul Waddy, leading ecommerce expert, coach and strategic advisor who’s CV includes turbocharging the growth of some of the biggest brands in the country (such as Geedup, Miss Amara, Babyboo and Showpo), the growth in e-commerce over the past three years has been a driving force in putting Australian businesses on the global stage, creating mass opportunity for entrepreneurs and everyday Aussies to build successful online businesses.
From technology advancements, shifting consumer habits, and a global economy ripe for innovation, there has never been a better time to be an ecommerce start-up. Here Waddy enlists key factors that are transforming entrepreneurial vision into thriving digital enterprises.
Perhaps the biggest differences between today and 12 months ago is the emergence of AI into the mainstream. Not only can AI perform the tasks we previously did manually, but it can also optimise the customer experience and provide retailers with the information they need to make informed decisions. From recommendation systems that analyse customer behavior, purchase history, and preferences, AI-powered chatbots that provide instant customer support, algorithms that analyse market conditions, competitor pricing, and customer behavior to dynamically adjust prices in real-time – there are a plethora of tools at our fingertips.
Shifting Consumer Preferences
Ecommerce has brought a significant shift in consumer behaviour, offering unparalleled convenience and flexibility. With just a few clicks, shoppers can browse an extensive range of products, compare prices, read reviews, and make purchases from the comfort of their homes or on the go. Entrepreneurs in this sector have the advantage of being agile and responsive to these changes. Start-ups can quickly adapt their product offerings, user experience, and marketing strategies to align with the latest trends, giving them a competitive edge in the dynamic online landscape.
The ecommerce model is conducive to rapid prototyping and iteration. Shopify stores alone increased 42% year-over-year in 2023 Q3. Entrepreneurs can launch a minimum viable product (MVP) quickly, gather user feedback, and make data-driven improvements. This iterative process is essential for optimising the online shopping experience and staying ahead of competitors in the fast-paced industry.