Online tech retailer Harris Technology Group (ASX: HT8) is rapidly gathering momentum through their refurbished tech product sales, generating $1 million in sales over the past three months which was twice as fast as the previous $1 million which took seven months.
The surge highlights a growing consumer preference for affordable, quality tech products amidst the ongoing cost-of-living crisis in Australia, with Harris Technology one of the few authorised resellers of refurbished tech products on most online marketplaces.
For the quarter ended 30 September 2024, Harris Technology reported overall sales of $3.4 million, which included their flagship IT and technology products which have faced retail headwinds amid lulls in consumer confidence – sending customers to refurbished tech.
CEO Garrison Huang credited the refurbished segment’s success to the attractive price point, providing consumers with high-quality, pre-owned tech products at discounts of up to 50% compared to brand-new alternatives.
Since its inception less than a year ago, Harris Technology’s refurbished tech segment has offered consumers a compelling option for acquiring affordable, sustainable tech. This category emerged as a strategic pivot when Harris Technology recognised an opportunity to leverage its supply chain expertise and refurbish popular tech products to high standards.
The Company’s refurbished items, which include refreshed batteries, screens, and other components, are sold both on the Harris Technology website and through major online marketplaces like Amazon and eBay, where they have received strong customer reviews.
Amid Australia’s rising inflation and tightened household budgets, the demand for refurbished tech has grown, with many consumers seeking cost-effective solutions without compromising on quality. With consumer spending on essentials taking precedence, refurbished products offer customers an alternative to new products, appealing to both budget-conscious shoppers and those motivated by environmental concerns.
As of the end of September 2024, Harris Technology had $3.4 million in inventory, with a rolling stock of refurbished products ready to meet expected demand in the lead-up to the busy holiday season, including Black Friday, Cyber Monday, and Boxing Day sales.
Backing the continued growth of Harris Technology’s refurbished tech business, Huang has continued his trend of buying HT8 shares on market, most recently increasing his stake in the Company last month from 31% to 32%.
Mitch Korver is a Business Writer focused on high-growth companies listed on the ASX in the small and medium cap space.
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