Australia's ecommerce industry is expected to experience significant growth in the coming year

Australia's online retail industry is expected to grow 40 percent by 2012, reports Dynamic Business.

The projection was announced at the Online Retailer Expo and Conference in Sydney.

Australia's ecommerce industry has experienced significant growth and is expected to continue to expand. The industry is worth about AU$24 billion in 2010 and is forecast to be worth upwards of AU$33 billion by 2012.

Much of the growth is due to the expansion of brick-and-mortar retailers into the ecommerce world, according to Dynamic Business. Companies like BigW have began to expand their websites and conduct more of their business on the internet through online payment gateways and online shopping carts.

"There is a huge opportunity for retailers to capitalise on the growing online marketplace in Australia," Frerk-Malte Feller, an industry insider, told the website.

According to Dynamic Business, the average Australian spent AU$1,223 online in the last six months. The figure represents an increase of $130 from the last six months of 2009.

The latest data from InternetWorldStats.com indicates that more than 80 percent of Australians have access to the internet, an increase of 158 percent since 2000.