The advancement of the internet and smartphones over the years has given small business entrepreneurs an opportunity to sell more products with less work. Recent research has shown that mobile purchases have risen by 18% in the past year. This is mainly due to more superior electronic devices and programming. It used to be that only large retailers were able to earn high sums of money each year, but online sales have made it possible for small businesses to earn $1 million to $10 million annually.
Key Takeaways:
- A significant increase in sales via mobile devices over the past year is boosting the performance of online retail businesses, according to the latest research from the Commonwealth Bank.
- The research shows that sales through mobile devices have risen significantly, increasing from 18 per cent of all online sales to 29 per cent in the past year, an average annual growth rate of 60 per cent.
- The proportion of online only retailers generating in excess of $10 million remains consistent at 20 per cent, with a smaller majority still generating less than $1 million (52 per cent).
“A significant increase in sales via mobile devices over the past year is boosting the performance of online retail businesses, according to the latest research from the Commonwealth Bank.”
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