Half-year sales exceed $200 million, Myer Market seizes Australian market

Recently, Australian retailer Myer released its financial report data for the second half of 2020. The data showed that its total sales fell by 13.1%, but its e-commerce business sales growth was very strong. In particular, its e-commerce platform Myer Market saw an increase of 71% in online sales in the second half of 2020, reaching US$287.6 million.

Online sales increased 100% year-on-year

Myer Market's data for the second half of 2020 showed that its online sales increased by 100% year-on-year, accounting for 21% of total revenue in the second half of the year, which also enabled it to become one of Australia's largest and fastest-growing online retailers.

Myer reported cash on hand of $201 million, with free cash flow up 29 per cent year-on-year to $273 million, up from $102.9 million in the first half of 2020, as inventory and capital expenditure fell.

The fastest growing category on the Myer Market platform was beauty and skincare , up 129% year-on-year . The second fastest growing category was homewares, with sales up 116% . However, growth in clothing slowed.

Fighting Amazon and gaining more market share

It is reported that Myer Market was launched by Australian retailer Myer in 2017, mainly as a pilot project of the company. While helping the company expand its product line, it also sells sellers' products and increases sales in order to resist the Amazon platform and compete for more Australian e-commerce market share.

It is reported that Myer Market focuses on high-end products in various categories . Its operating method is similar to that of the Amazon platform. It allows third-party sellers to sell their products on its website by charging a certain percentage of the selling price as commission.

It is worth noting that Myer Market has three differences from pure e-commerce platforms: the implementation of the Myer One reward system , the online purchase and physical store return function , and a good brand reputation.

In fact, compared with e-commerce platforms such as eBay, Catch, The Iconic and My Deal, although Myer Market started late, its e-commerce sales have been increasing steadily. Sellers can focus on such e-commerce platforms to seek new development opportunities.

Myer Market

Australia

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