Lockdowns lead to increased online shopping. With the financial data we have seen across the last 18 months, there is no disputing this equation as Australians have flocked online in droves leading tech retailer Harris Technology (ASX: HT8) to report $5.13 million in monthly sales through June.
While the record monthly sales sat alongside record quarterly and annual sales for Harris Technology, the retailer is showing no signs of slowing down with the launch of their new eCommerce platform around the corner.
Having been one of the biggest winners on the ASX since the onset of COVID-19 and subsequent lockdowns, the Company is best known as a leading marketplace tech seller with massive product listings across Amazon, eBay, Kogan and Catch. However, plans are now in motion for a major overhaul of the www.ht.com.au website which will bring Harris Technology’s own eCommerce platform into the eCommerce boom era.
In particular, the website has been redeveloped to handle the huge scaling of Harris Technology’s business which has increased its annual revenue from $9m in FY19 to $13.6m in FY20 and now to more than $42m for FY21, a 209% year-on-year increase.
“Upgrades have been specifically made to drive sales, handle new mass product listings, be mobile friendly and attract organic search engine traffic,” said Harris Technology CEO, Garrison Huang.
A website that has historically been SMB (small-to-medium business) customer focused; Harris Technology expects that the new ERP integrated website can deliver higher margin from its SMB products that are mostly unavailable on its marketplace platforms.
Currently in the process of a soft launch for testing purposes, the redeveloped site is already generating sales from a limited audience. A full commercial launch is expected in the coming weeks.
The upgrades come at a perfect time for Harris Technology with the new site capable of diversifying the Company’s revenue sources. It comes following news of the Australian Competition and Consumer Commission (ACCC) confirming their intention to explore concerns around whether marketplace platforms use their dominance and data to squeeze sellers and consumers.
Unlike smaller sellers, Harris Technology is minimally affected by seller squeezes due to the scale of their operations. These have driven them to become the Number 1 ranked seller on Amazon Australia while their monthly eBay sales eclipsed $1m for the first time in June as they continue their rapid ascension up the Australian retail ranks.
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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