MyDeal delivers record revenue as customers flock to online shopping
The increasing trust and use of online shopping by Australians throughout the Covid-19 pandemic has delivered a record year for online marketplace MyDeal, which saw gross sales more than double to $218.1 million and active customers grow 83 per cent.
The increase in gross sales was linked to the increase in active customers, as more Aussies were forced to utilise online shopping, though the business’ private label offering also made a stronger showing in FY21, adding $8.8 million to the business’ gross sales.
“MyDeal has again delivered above industry growth rates… by building on our value proposition of providing superior value to our customers and marketplace sellers,” said MyDeal chief executive Sean Senvirtne.
“We have placed ourselves in an enviable position to harness the increased demand and ongoing transition to e-commerce, with active customers now exceeding 894,000, [signifying] the trust customers have placed in our products, brands and shopping experience.”
And after launching the business’ shopping app in May, MyDeal has seen conversion rates improve further.
As for the business’ full-year earnings, MyDeal hasn’t yet specified they landed – though its half-year earnings were impacted by the cost of its IPO and listing on the ASX.
According to Senvirtne, however, the future of the online business is “brighter than ever”.