NAB Online Retail Sales Index: Indepth report – March 2017
Online sales faster in the month but slower over the year.
- In seasonally adjusted terms, at 0.8%, growth in online retail sales accelerated in March. This is much quicker than the past few months.
- The revised estimate for trend online retail sales growth was 0.2%. While this is lower than January and February (0.4%), it remains positive.
- In the 12 months to March, we estimate that Australians spent an estimated $22.23 billion on online retail – a level that is equivalent to around 7.3% of the traditional bricks and mortar retail sector (February 2017 – Australian Bureau of Statistics).
- In year on year terms (March 2017 v March 2016), online sales grew by 9.0%, down from the 10.7% year-on-year growth rate in February.
- Noteworthy is the monthly sales growth of SMEs far beyond their corporate peers in the most recent period.
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About the NAB Online Retail Sales Index
Based on two million non-cash transactions per day, scaled up to replicate the broad economy, the NAB Online Retail Sales Index tracks online retail spending across sectors, demographics, locations and the breakdown of goods bought from domestic and international online retailers. The index is produced monthly and analysis is provided on a quarterly basis.
Quantium is Australia’s leading data analytics and marketing strategy firm. Quantium has worked with NAB for more than six years, assessing de-identified transaction data to derive insights, trends and shopping habits of different customer groups. The resulting analysis forms Market Blueprint and is used by NAB and other businesses to drive innovation and business performance through customer, distribution and marketing strategies.