As the world’s sixth largest country, Australia offers the chance for ambitious ecommerce traders and service providers to accelerate their business growth.
In 2022, the world’s 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 you’re a cross-border ecommerce trader or service provider and you’re looking to scale your global business at speed, Payoneer’s 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 online
- Six out of every 10 Australian households made 12 or more online purchases
- Queensland recorded 11.1% YoY growth in online shopping
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 – 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 Australia’s 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 account
- Avoiding the hassle of opening an Australian bank account
- Negating the need to register an Australian business
- Sidestepping credit checks often demanded by traditional Australian banks
- Enjoying low FX fees when you withdraw to your local bank account
- Using your AUD revenue to make free payments to other Payoneer accounts (perfect for paying suppliers, business partners, or online fees)
- Being able to make payments to your suppliers’ or business partners’ traditional bank accounts
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 Payoneer’s consistently low FX fees…
- You could spend your funds paying for business expenses on your Payoneer card…
- … 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.
And, of course, registering with Payoneer doesn’t 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.