It seems that Harris Technology (ASX: HT8) has the Midas Touch because everything they’ve been a part of recently has turned to gold. Fresh off a record Prime Day in sales on Amazon, Harris Technology has reported a bumper result on eBay to generate $1.1 million in sales, their first 7-figure month.
Impressively, the online tech retailer has achieved the milestone in less than six months since making eBay a priority, having already achieved outstanding success on the Amazon marketplace.
In January 2021, Harris Technology generated $137k from sales on eBay but that figure has now increased 8-fold in the space of six months.
“Our goal is for Harris Technology to become the largest marketplace tech seller in Australia, so it is pleasing to see these targeted efforts reflected in our rising sales on eBay” said Harris Technology CEO, Garrison Huang.
“Leveraging eBay’s massive marketing and advertising campaigns to drive online traffic to the largest eCommerce marketplace in Australia, Harris Technology will continue listing new products to capitalise on the retail trend towards online shopping and accelerate our marketplace growth.”
While eBay and Amazon are rivals in Australia tugging at each other for online traffic, Harris Technology sits in an enviable position where they benefit from the success of both. This shared growth between Harris Technology and its marketplace partners which also include Catch, Kogan and others has been instrumental in the momentum they have carried through FY21.
Reporting Year-to-Date revenue of $30 million in the March Quarter, it would have Harris on track towards $40m in sales revenue for FY21 which will comfortably exceed last year’s $13.6m.
Without overhead expenses tied to retail stores, Harris Technology has quietly emerged as one of Australia’s biggest marketplace sellers. To date, this was primarily powered by Amazon where Harris is the Number 1 ranked seller in Australia. This was further consolidated last week when Harris Technology reported $430k in sales on Amazon across their 2-day Prime promotion.
Since targeting eBay with a similar strategy employed successfully on Amazon, Harris Technology has increased its product listings to more than 3,000 items on eBay to rapidly rise up the seller rankings there also.
Beyond their traditional range of IT products, Harris has been cranking up their vendor partnerships in recent months to sign on global gaming brands. During the pandemic, gaming emerged as one of the most popular forms of entertainment during lockdowns with Harris Technology reporting increased sales of gaming products and custom-built PCs.
While Amazon and eBay are the two marketplaces currently generating the most revenue for Harris Technology beyond their own www.ht.com.au website, the Company also recently added Guy Polak, the long-time Head of Buying at Catch, to their Board of Directors.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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