Australian e-commerce platform MyDeal maintained year-on-year revenue growth in the third quarter

After posting record revenue and profits hit by IPO costs , MyDeal’s strong growth continued into the third quarter. Its revenue rose 175.8 per cent to $8.3 million in the three months to March 31, with more than half of its transactions coming from repeat customers.

MyDeal is an Australian online marketplace focusing on lifestyle retail products, covering a wide range of furniture, home and garden, fashion, tools and equipment, electronics, and baby and children's products.

“This has been another period of significant growth for MyDeal , which ended the quarter with 883,000 active customers, 1,033 active sellers and over six million product listings,” said MyDeal CEO Sean Senvirtne.

“In the last quarter, a record 56.1% of all transactions on MyDeal came from returning customers. This is further proof that our strategy is working to our strength , as Australian consumers become more savvy about online shopping, increasingly looking to get the best value through the lowest price, and placing increasing emphasis on a seamless customer experience and convenience. ”

According to Senvirtne, the platform hopes to continue its focus on providing convenience to customers with the launch of the MyDeal iOS and Android shopping apps in the fourth quarter and the addition of its private label products, which generated $6.5 million in sales in fiscal 2021 so far.

MyDeal, like several other e-commerce brands and marketplaces, has caught the online shopping craze since the Covid-19 pandemic hit and restrictions on face-to-face contact made physical stores once out of reach.

However, Senvirtne said the wave has begun to ease and that this trend will continue as things continue to return to "normal".

It is reported that as the lockdown was lifted, Australians started shopping in physical stores again, resulting in a decline in online orders. Kogan, an Australian discount digital shopping website, was left with a backlog of inventory, resulting in high storage and removal fees, and its earnings fell by more than 42% in the last quarter.

Online shopping has become an option rather than a necessity for Australian consumers. As the epidemic blockade ends, the market for online sales will become more stringent and consumers will have higher requirements for products and services.

Online Shopping

E-commerce

Cross-border e-commerce

Australia