Australian online retailers The Iconic and Surfstitch claw back market share from overseas competitors
As Australian consumers turn away from physical stores and head online for their shopping needs, domestic retailers The Iconic and Surfstitch are seizing the opportunity to build their online brands and clawing back market share from overseas competitors, according to IBIS World.
Over the past 5 years overseas retailers like UK-based ASOS have dominated the online retail market, however IBIS World has tipped the local online retail industry is set to enter a boom period benefiting from changing economic conditions, such as the lower Australian dollar.
The research showed that The Iconic and Surfstitch have started to thrive by building strong brands and loyal customer bases, while ASOS has recently reported falling Australian sales.
IBIS World described conditions as "ideal" for local online retailers, and all signs indicate that strong growth will continue, with Australian online men’s clothing sales expected to grow by an annualised 9.7% over the five years through 2018-19 and the online women’s clothing sales industry forecast to record similar growth.
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