Should you expand your business into Australia?
As the worldโs sixth largest country, Australia offers the chance for ambitious ecommerce traders and service providers to accelerate their business growth.ย
In 2022, the worldโs 11th largest ecommerce market generated online goods sales of almost 64 billion AUD. The outlook over the medium term looks strong, too, with a projected growth up to almost 85 billion AUD by just 2027. By 2033, one in every three AUD will be spent online.
If youโre a cross-border ecommerce trader or service provider and youโre looking to scale your global business at speed, Payoneerโs AUD receiving account makes it easier than ever to operate in the Australian market.
Accessing the Australian ecommerce market
Australia is an exciting and growing market that for many ecommerce traders is now simply too good to ignore. In 2022 alone:
- 82% of Australian households bought something onlineย ย
- Six out of every 10 Australian households made 12 or more online purchasesย
- Queensland recorded 11.1% YoY growth in online shoppingย
Major cities like Sydney, Brisbane, Melbourne, and Perth have large populations with high incomes. But Australia is a vast country and in its less densely populated areas, online purchasing is growing at an even faster rate โ up 6.4% in rural areas and 5.7% in remote areas.
Registering with Payoneer and opening an AUD account gives you an easy way to access this market and get paid like a local. Major online marketplaces like MyDeal are extremely well established in Australia.
Understanding the Australian ecommerce market
Four main categories dominate Australiaโs online spending: almost 30% of all home and garden spending is done online, while food and liquor (20.6%), variety stores (18.1%) and fashion and apparel (17.4%) are also growing their ecommerce sales. Online spend for home and garden alone almost reaches 19 billion AUD.
However, if your business operates in different categories, there are still significant growth opportunities waiting to be explored. By registering with Payoneer and opening your AUD account, you immediately give your company a strategic advantage in this exciting territory.
Your benefits include:
- Receiving AUD payments direct into your Payoneer accountย
- Avoiding the hassle of opening an Australian bank accountย
- Negating the need to register an Australian businessย
- Sidestepping credit checks often demanded by traditional Australian banksย
- Enjoying low FX fees when you withdraw to your local bank accountย
- Using your AUD revenue to make free payments to other Payoneer accounts (perfect for paying suppliers, business partners, or online fees)ย
- Being able to make payments to your suppliersโ or business partnersโ traditional bank accountsย
Take the next step to Australian ecommerce success
Opening an AUD receiving account is quick and easy with Payoneer, giving you an almost instant ability to begin getting paid from Australian marketplaces like MyDeal.
As the AUD gathers in your Payoneer account, you can determine the best way to use your funds.
- If you need the money personally, you can withdraw the AUD funds to your local bank account (or make payments to other bank accounts) and only pay Payoneerโs consistently low FX feesโฆย
- You could spend your funds paying for business expenses on your Payoneer cardโฆย
- โฆ or you could use your AUD to make payments to other Payoneer account holders. Lots of ecommerce traders and B2B service providers pay their international suppliers and contractors through this method.ย
And, of course, registering with Payoneer doesnโt just give you an AUD receiving account. You can also access receiving accounts in EUR, GBP, USD, CAD, JPY, AED, NZD, and SGD.
Take the next step in growing your cross-border business. Request an AUD receiving account today.
The content provided in this article including any information relating to pricing, fees, and other charges is accurate and valid only as of the date it was published. In addition, changes in applicable regulations, policies, market conditions, or other relevant factors may impact the accuracy of the mentioned pricing and fees and other associated details. Accordingly, it is further clarified that any information regarding pricing, fees and other charges is subject to changes, and it is your responsibility to ensure you are viewing the most up to date content applicable to you. Payoneer will provide the most up to date and accurate information relating to pricing and fees as part of the account registration process. Registered customers can view this information via their online account.
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