TheMarket launches, offering Kiwis a local marketplace
A new online marketplace, TheMarket, has launched in New Zealand with the backing of The Warehouse Group, promising to provide Kiwis “a whole lot more choice when shopping online”.
TheMarket has launched with over 1500 brands, over one million products available, and promises to make weekly additions to its product mix.
“TheMarket is unlike anything that currently exists in New Zealand,” TheMarket chief executive Justus Wilde said.
“It will give New Zealanders access to the world’s best local, international and niche brands, improving range, availability and delivery options in one place.”
The marketplace currently stocks goods from Cue, Supre, Veronika Maine, Barkers, Cooper St, Bambury, Tigerlily and Bobux, among others.
According to Wilde, the marketplace will focus on the areas of fashion, footwear, kids and baby, toys, health and beauty, home, garden, electronics, sports, and outdoor. Additionally, the marketplace will feature “in-season” products from brands covering every day and premium options.
All prices are in local dollars, with TheMarket also offering buy now pay later options, as well as tracked shipping, free returns, and local customer service “no matter where in the world they buy from”.
The marketplace has also organised a network of ‘MarketPoint’ locations within existing retail stores throughout New Zealand, including rural locations via FarmSource, and the Warehouse Group network. Returns through such locations will be free.
“Most Kiwis live within 30 minutes’ drive of a local Group store, so the existing omnichannel and distribution structure is a significant advantage, and will help drive cross-brand foot traffic and sales,” Wilde said.
While Kiwis spent $4.2 billion online last year, this is only around 9 per cent of total retail spend, compared to the 18 per cent seen in the United Kingdom.
“It’s a significant growth opportunity, especially when you look at New Zealand compared to other countries,” Wilde said.
“Research shows that consumers prefer the convenience and experience of shopping with an online platform that carries a broad selection rather than individual brands and retailers.”
The Warehouse Group’s chief executive Nick Grayston said the launch of TheMarket is part of the group’s strategy of investing into the digital future of retail, and is its sixth consumer brand, after The Warehouse, Warehouse Stationery, Noel Leeming, 1-Day.co.nz and Torpedo7.
“While online shopping is growing exponentially every year, New Zealanders are often compromised in terms of range, access, and ease of delivery,” Grayston said.
“The unique brand-first proposition from TheMarket will enable capture of a greater share of this e-commerce growth.”