Australian furniture retailer Temple & Webster doubles revenue in third quarter

Australian furniture retailer Temple & Webster recently announced that its revenue doubled in the third quarter as consumers' online shopping demand increased after the epidemic lockdown . In these three months, the company's revenue jumped 112% compared with the previous period , including strong online growth after the initial lockdown last year .

Temple & Webster was founded in Australia in 2011 and operates furniture and home furnishings online with an open e-commerce platform . Its platform offers more than 130,000 products that can be searched on Australia's largest online home furnishings store. By the end of this quarter, its platform had approximately 750,000 active customers .

In terms of product transportation, the company adopts a drop-shipping model, in which products are sent directly from suppliers to customers, thereby providing faster transportation for consumers and reducing the group's operating costs.  

"You only have to look at the U.S. to see how the e-commerce market has evolved and why we remain bullish on the shift from offline to online," said Mark Coulter , the company's chief executive. "We are at the beginning of this once-in-a-generation shift and now is the time for us to step up and secure our market leadership and ensure we are the brand for the next generation of furniture shoppers. "

To this end, the company reiterated its growth strategy and intends to invest over the next three years to enhance brand awareness and improve its brand position.

Temple & Webster will invest in mainstream media advertising and use tactical pricing and promotions to increase conversion rates, while strengthening its product offering through increased assortment, expansion of private labels, exclusive collections and new product development . The business will also enhance its customer experience through enhanced technology, data, personalization and delivery services.

The epidemic has changed the way people shop, and more and more people choose to shop online. The e-commerce development in the home furnishing market has been extremely rapid this year, especially in the home decoration industry. According to foreign media reports, the online penetration rate of the furniture industry has increased to 35% this year , while the online penetration rate in 2019 was only 23%. In the past decade, the annual growth rate of the industry has generally remained between 1% and 3%, and this year's 12% growth rate is truly outstanding.

Temple & Webster has taken advantage of the rapid growth of online shopping and is constantly adjusting to better cater to consumers' online shopping needs.

Online Shopping

E-commerce

Australia