Online shopping is one of five industries that IBISWorld has nominated in its annual list of top five industries that are set to soar in 2012.
In 2011, the independent research found that the online shopping industry had a revenue turnover of $9,422.2 million in 2011 and has forecasted it will grow 10.2 per cent to $10,403.5 million – representing about 5 per cent of the total retail sector.
Growing from just $7 billion in 2007, the industry has experienced significant growth over the past five years.
“This has been due to consumers becoming more comfortable with shopping online, and more major retailers launching online stores,” Karen Dobie, IBISWorld general manager, said, listing computer and electrical items as the most common online purchases.
It is the industry second to the motor vehicle manufacturing industry that IBISWorld has predicted to perform well in the next 12 months. Other industries making the top five include diamond and gemstone mining, online education and biotechnology.
On the other hand, industries predicted to fall in 2012 are iron and steel manufacturing, institutional building construction, cotton ginning, cut flower growing and pulp, paper and paperboard manufacturing.