Coming to an End of the Financial Year where Australians have spent more time working from home than ever before, many have cottoned on to the opportunity to claim sizable tax deductions by upgrading their home offices. And the big winner – Harris Technology (ASX: HT8).
As the Number 1 ranked seller on Amazon Australia, Harris Technology was in pole position for Prime Day which was run on June 21 and 22. With more than 2,000 items listed on Amazon, Harris Technology delivered a new record for their Prime Day sales totaling $429,963 across the 2-day event. This eclipsed their previous Prime Day sales by 32% with the recent event gathering significant online traffic from Amazon’s investment in advertising last week.
“As Amazon has increased their footprint in Australia over the past 12 months, Harris Technology has enjoyed a fruitful partnership which has grown both our businesses,” said Harris Technology CEO, Garrison Huang.
“The retail landscape has undergone an increasing preference towards online platforms, accelerated by the pandemic and very quick delivery times. Online marketplaces continue to grow as the convenient alternative to shopping centres, so we look forward to further growth alongside Amazon Australia which is emerging as one of the national destinations of choice for online shopping.”
Prime Day is a retail event invented by Amazon as a means to reward customers that sign up for Prime membership. Once subscribed, members gain access to major retail savings of up to 50% on popular products.
Even prior to the onset of COVID, EOFY has traditionally been a very busy period for retail, however, this has been accentuated as more Australians capitalise work-related tax deductions.
Being the only pure-play online retailer listed on the ASX, Harris Technology is able to capitalise on advertising expenditure from eCommerce marketplace operators like Amazon, eBay and Kogan. While Amazon is their primary marketplace partner, Harris Technology has also seen rising sales on eBay which has also been pushing mainstream media advertising as part of their EOFY promotions.
By listing products on all major marketplaces, Harris Technology is able to leverage its global vendor network to capitalise on their buying power to offer more products and lower prices than competitors. This is possible thanks to zero physical storefronts to be a pure-play online retailer with the Company recently reporting 100% positive feedback from almost 5,000 individual reviews over the past 12 months.
For the 9 months ended 31 March 2021, Harris Technology reported $30m in sales revenue which represented a 300% increase on the previous corresponding period.
The company has flagged plans to target further expansion on eBay with the aim of becoming Australia’s largest marketplace seller and is also in the process of upgrading their flagship www.ht.com.au online store.
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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