IBISWorld has made its predictions for the top 10 growth industries for 2011/12, and online shopping has made the cut.
The Australian business research firm has named online retailing as number nine on its top 10 growth industries list, estimating the sector will grow by nine per cent in the current financial year. Total revenue generated by the sector is anticipated to reach $5.5 billion.
IBISWorld general manager Robert Bryant said most of the growth will be driven by bricks-and-mortar stores moving into the online realm.
“While the past year has seen a number of Australian retailers launch online platforms, such as Big W and David Jones, many of our leading players are yet to enter the arena,” Bryant explained.
“IBISWorld predicts that over the coming months the number of names with an online presence will rapidly expand as retailers seek to compete through offering greater flexibility to customers, as well as expanding product lines.”
Bryant added that increasing smart phone ownership would also boost online purchasing.
“In 2010, 25 million purchases were made online using mobile devices, and this is expected to increase by more than 50 per cent in 2011/12.”
Other industries in the top ten list include oil and gas production, organic farming, mining, renewable energy and domestic airlines.
Less fortunate were the industries that made IBISWorld's list for
the predicted worst performing in 2011/12. They were were
gaming and vending machine manufacturing, wired telecommunications,
institutional building construction, image processing and printing,
and book and telephone directory publishing.