Record November sales push MyDeal's year to a new high

Record November sales push MyDeal's year to a new high

Newly listed e-commerce marketplace MyDeal (ASX: MYD) has posted record sales of $30 million in November, helping it push past the total sales achieved last financial year.

My Deal says revenue for the first five months of FY21 surged to $105 million, which compares with $103 million recorded in FY20.

The company, which was founded in 2011 and listed in October following a $260 million IPO, is riding a surge in online sales driven by new COVID-led consumer habits. The company announced a 236 per cent increase in the number of active customers on its platform to a record 778,876.

Strong volumes have been recorded across Australia despite a return to what MyDeal says is "COVID normal" conditions.

MyDeal founder and managing director Sean Senvirtne says November is historically the company's strongest month in what is its busiest quarter of the year.

"Our long-term strategy of acquiring customers and keeping them within our eco-system is working, with the majority of transactions (52.9 per cent) in November coming from returning customers," he says.

The group's higher margin private label business, led by Dean Ramler, delivered gross sales of $1.2 million in November.

"This business is still in its infancy with under 200 products as at today's date and is expected to grow as we continue to rapidly expand the range," Senvirtne says.

"Our private label brands enable us to offer competitive pricing on key products."

MyDeal, which largely markets household goods such as furniture and homewares, has more than 1,700 sellers on its platform promoting more than five million products.

MyDeal's revenue largely comes from commissions received from sellers of products and services sold on its platform.

The company posted a statutory profit of $849,232 in FY20 after dwelling in the red the previous two years.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Advertisement

Related Stories

Victoria to open up to Brisbane and regional NSW as restrictions ease

Victoria to open up to Brisbane and regional NSW as restrictions ease

Travellers from Brisbane and regional New South Wales will be abl...

Online Christmas shopping soared 27 per cent in 2020

Online Christmas shopping soared 27 per cent in 2020

The switch to online retail was no passing trend in 2020 as the y...

Cleanaway CEO Vik Bansal to resign

Cleanaway CEO Vik Bansal to resign

The CEO of Cleanaway (ASX: CWY) Vik Bansal (pictured) will step d...

Kogan fined for breaching spam laws

Kogan fined for breaching spam laws

E-commerce giant Kogan (ASX: KGN) will pay a $310,000 fine for br...