The new Photo Booth: a big business that’s been around for more than 20 years
The Australian Financial Times is publishing the first annual report on the industry.
The report, titled The Australian Photo Booth, looks at the role that the industry plays in our economy and how it is changing, as well as how the industry can play a role in the future of the industry and our nation.
The report says Australia is on track to have a Photo Booth by 2021, with a projected population of more than one million.
This means the Photo Booth industry will be worth $6 billion, more than double the $2.8 billion industry turnover of last year.
The key finding of the report is that Australia is currently a leader in the world of online retailing, having seen a 25 per cent growth in sales and an annual growth rate of more that 80 per cent.
In the first quarter of 2020, Australia saw a net increase of 2.6 per cent in online retail sales, with retail sales increasing by 16 per cent year on year.
This was driven by growth in digital sales, which saw an increase of 9 per cent and online retail visits up 21 per cent compared to the same quarter last year, with the online sales accounting for nearly 70 per cent of the overall Australian retailing market.
“The success of the Photo Lab has been attributed to a combination of the online marketplace and mobile apps, which are able to generate a greater volume of orders online,” says Mark Hodge, Chief Executive of the Association of Retailers and Dealers Australia.
“Online and mobile commerce are becoming increasingly important in our lives and our retail businesses are rapidly emerging as a key part of our economy.”
It’s no coincidence that the Australian Photo Lab’s growth is also the fastest of any Australian company.
“We see an increasingly sophisticated and fast-growing customer base who are also buying more items online, and this is a trend we are very keen to see continue.”
The report also points to a growing need for the Photo Industry to diversify its portfolio of goods and services, which includes services such as furniture, jewellery and sporting goods.
“Our industry is in the midst of a huge shift from traditional retailing to digital services and is also expanding into the next stage of the growth curve, with more retail stores opening and more customers joining online and mobile retailing,” said Ms Hodge.
“These are all positive developments, and it’s important for us to recognise that while the current growth is driven by the growth of digital services, there is still plenty of growth to be had in the retailing space.”
The study also points out that the overall number of Australians participating in online and online-only retailing is projected to double by 2021.
This is driven largely by the digital market, with approximately three million people participating in this area in 2021, up from less than 500,000 in 2021.
“Australia has a long and proud history of creating and supporting a diverse, thriving retailing and social enterprise community.
We look forward to seeing that continue,” said Scott Bailie, CEO of the Australian Retail Consortium.”
As the digital economy continues to expand, the need for new retailers is growing as more Australians choose to engage with their online shopping, and as demand for Australian products and services increases.”
In addition to the increasing demand for products and service, the increase in the number of online shopping outlets, and the growing popularity of online-enabled shopping platforms such as Amazon and Apple, means we are on track for the largest online retail market in the country by 2020.
“The latest figures from the Australian Bureau of Statistics shows that in 2016, online shopping accounted for just over half of all online retail spending, with online sales representing approximately a quarter of total retail spending.”
Australian consumers are embracing the digital age and are increasingly interested in buying directly from online retailers, and we are looking forward to a more competitive online marketplace for Australian consumers,” said John Long, Chief Technology Officer at the Association for Competitive Online Retailing.