A study commissioned by eBay that prepared the first G-20 e-Trade Readiness Index identified Australia as the best place to take advantage of Internet trade compared to other developed economies.
After Australia came the U.S., South Korea, the UK and Japan. It said by offering cheap but good quality Internet, sophisticated rules, widespread smartphone adoption and advanced electronic payment systems, Australia topped the new index.
In a blog post at The Economist, Tom Cohen, eBay deputy general counsel, noted that for the first time in history, "small and medium-sized businesses are competing on a global scale, with large multinationals."
He added that businesses from top countries tend to generate more sales on eBay and make electronic payments via PayPal.
The report said that fast pace of expansion on cross-border Internet trade is a natural development of more people having Internet access, projected to reach 3 billion in 2014 from 300 million in 1999.
By 2020, the number is expected to further climb to 5 billion, which should present more opportunities for Aussie Internet businesses, Cohen said.
The report acknowledged that there are restrictions to that growth, including restrictive data regulations, old shipping rules that favour big companies over smaller ones and the lack of better Internet access in many developing nations.
Meanwhile, Arirang News reported that iconic auction house Sotheby's is set to partner with eBay. More details in this video.