The Right E-commerce Platform for Your Business

E-commerce businesses in Australia have been steadily growing over the past years, with online spending continuing to increase. The expanding market in Australia has been seized by online ventures, who have made significant investments in top-of-the-line warehouse spaces, logistics, and delivery services. These companies have also taken steps to enhance their customer support performance by configuring their services proactively. Moreover, supply chain solutions have become a central area of focus for these companies to manage the escalating demand in the country. As a consequence, a handful of leading e-commerce platforms in Australia, expertly managed by in-house or outsourced e-commerce accountants, have risen above the competition. So, let us delve deeper into expert opinions on Australian e-commerce and compile a comprehensive list of the finest e-commerce companies in Australia. But before moving on, let us know the exact meaning and types of e-commerce.  

Meaning And Types of E-commerce Platforms for Businesses 

E-commerce platform refers to the software or technology that enables businesses to create and handle their online store. They offer a suite of tools and features that allow business owners to sell their products or services online, including product catalogues, payment processing, shipping and logistics, customer management, and marketing tools. Let us look at the different types of e-commerce platforms to choose the right e-commerce platform that business owners can host for their business: 

• Open Source:
  

  An open-source platform leverages open-source software, allowing businesses to freely access and modify the source of code to tailor it to their unique requirements. In terms of e-commerce, businesses can create an online store using an open-source e-commerce platform, which offers a cost-effective and flexible solution. These platforms provide the ability to customise the appearance and functionality of the online store making them advantageous. Additionally, open-source e-commerce platforms are known for their scalability, making them a perfect fit for businesses seeking growth and expansion.  Popular open-source e-commerce platforms include WooCommerce, Adobe Commerce (Magento), and others.    

• SaaS (Software as a Service):
  

  Businesses can rely on cloud-based software, the SaaS e-commerce platform, to prepare and effectively manage accounting for their online store. These platforms provide several features and tools, including shopping carts, payment gateways, order management systems, and product catalogues. Typically, SaaS e-commerce platforms are sold via a subscription model, with some of them offering free trials before the paid version. Shopify, BigCommerce, and Wix are some of the most popular examples of SaaS-based e-commerce platforms available to businesses today.  

• Headless Commerce:
  

  Headless commerce has been causing ripples of excitement in the field of e-commerce. It is the cutting-edge architecture that separates the front-end and back-end of e-commerce stores. This simply means the front end can be created using any technology without being restricted by the back end. The benefits of headless commerce are numerous and exciting, including increased flexibility, better performance and an improved user experience. Spyker, Commerce tools or Magento are some of the highly used headless commerce platforms. Additionally, it opens up new avenues for innovation on the front end while making third-party application integration a breeze.  

Top E-commerce Platforms in Australia 

As the world shifts towards digitalisation, e-commerce has emerged as a powerful force in the modern retail landscape. Businesses have quickly recognised this phenomenon’s potential and are now leveraging it like never before – from small enterprises to large corporations. To gain more insight into this trend, we bring you a list of top e-commerce platforms that are driving successful businesses across Australia. 

1. Gumtree:
   

   Gumtree, an online classified advertisement and community website, was originally established in the UK. However, with its expansion to Australia, it quickly garnered popularity among millions of people looking to buy and sell products such as apparel, accessories, cars and vehicles, home and garden, jobs, real estate, and services for hire. In fact, over 7 million Australians visit Gumtree every month to explore the 3 million live listings and 80,000 new ad uploads daily. With a team of around 200 employees, Gumtrees generates an impressive annual revenue of $31.9 million.  

2. Amazon:
   

   Amazon, a multinational technology company, is renowned for providing a business with an online platform to sell their products with a focus on an efficient Amazon accounting solution. From everyday items to luxurious diamonds, consumers can find a vast array of products on these e-commerce platforms. Along with e-commerce, Amazon also delves into cloud computing, digital streaming and artificial intelligence to establish its dominance in this tech world. In 2022 alone, Amazon generated a staggering revenue of over $ 2.6 billion, which is double the previous year’s figure. Additionally, the company has provided employment opportunities for over 900 people. With Amazon, Australia expected revenue to reach $5.5 billion next year, the company growth shows no signs of slowing. To further enhance its delivery capabilities, Amazon is opening its fourth distribution centre, equipped with 2000 robots to speed up processes and double its warehousing capacity. With a traffic of 28 million monthly visitors, Amazon continues to cement its position as a leader in the tech industry.  

3. eBay:
   

   eBay is a global company that facilitates business-to-business and consumer transactions through its website, which includes both auction and immediate sales options. With a strong presence in Australia, eBay is relied upon for its top-notch services, offering a one-stop shop for all shopping needs. The platforms boast an impressive monthly traffic of over 68 million visitors, with around 90 employees working across the country. E-bay has dominated the Australian market, generating $6.54 billion in revenue, accounting for more than half of the country’s e-commerce sales. Being Australia’s number one e-commerce app, eBay delivers goods within four days or less. With the incorporation of eBay guaranteed delivery, the delivery time is set to reduce further, enhancing the overall customer experience. 

4. Woolworths:
   

   Woolworths was founded in the year 1924, and it is one of the largest revenue-earning retail companies in Australia. It offers a wide range of groceries along with products and services. They began their online business in 1992. With its high-end mobile performance and impressive conversion rate, Woolworths has emerged as one of the most valuable brands in Australia’s e-commerce landscape. The platform enjoys an estimated 17 million monthly visitors and has generated an astounding revenue of $4.2 billion in 2022, providing employment to over 215,000 individuals. To further enhance their services, Woolworths introduced WePay – an end-to-end payment solution that caters to merchants’ needs. This move not only strengthens Woolworth’s position in the market but also simplifies the payment process for retailers and consumers alike. 

5. Kmart:
   

   Kmart was founded in the year 1969, and it is one of the retail giants with stores across Australia and New Zealand, offering a range of products at affordable and discounted prices. Their online store, launched in 1999, has been a hit among customers who enjoy the convenience of shopping from the comfort of their homes. In 2017, the Kmart brand name was acquired by Wesfarmers, who then focused on bringing more trendy products at lower rates. With more than 31,000 employees and a revenue of $10.6 billion, Kmart has emerged as a leading player in the retail sector. Their website attracts an impressive monthly traffic of 16.9 million visitors, with a significant chunk of sales coming from fashion products. In their constant endeavour to offer seamless services to customers, Kmart collaborates with multiple delivery services, including Couriers Please, Australia Post, TNT, Meemeep, and Allied Express. This ensures that goods are delivered promptly and efficiently to customers across the country. 

Conclusion 

As the e-commerce industry expands at an unprecedented pace, businesses need to ensure they have the right digital platform to manage their online stores. With multiple platforms available in the market, businesses need to identify the one that aligns with their specific requirements, whether it be a single solution or a combination of various platforms. Investing in a reliable and user-friendly platform can enable businesses to focus on their primary functions, i.e., selling products and services efficiently. While choosing the best e-commerce platform is crucial, managing bookkeeping and accounting functions can also make or break a business’s success. The task can be time-consuming and often complicated to manage, especially when combined with other business responsibilities. For this reason, hiring specialised outsourced e-commerce accountants or bookkeepers can prove to be a cost-effective and time-efficient solution. These service providers manage finances and deal with accounting functions while saving businesses time, resources, and costs. 

At Whiz Consulting, we specialise in providing exceptional accounting and bookkeeping services catering to businesses across diverse industries, with a dedicated focus on e-commerce accounting. Our team of professionals is committed to ensuring meticulous financial management, allowing businesses to channel their energy into growth and expansion, unburdened by the complexities of accounting and bookkeeping tasks. If you are seeking a service partner proficient in delivering accounting and bookkeeping solutions tailored to the unique needs of e-commerce enterprises, do not hesitate to contact us.