Online furniture retailer Temple & Webster has stated its intention to capitalise on the ‘once in a generation shift’ of consumers heading online following the Covid-19 lockdowns, announcing a doubling of Q3 revenue.
During the three month period, the business’ revenue jumped 112 per cent on the prior corresponding period – which included strong online growth off the back of the initial lockdowns last year.
Active customers hit approximately 750,000 by the end of the quarter.
“You only need to look at the US to see how the e-commerce market is playing out, and why we remain bullish about the shift from offline to online,” Temple & Webster chief executive Mark Coulter said.
“We are at the start of this once in a generation shift, and now is the time to put our foot down to secure market leadership and ensure we are the brand for the next generation of furniture shopper.”
To this end, the business reaffirmed its growth strategy, intending to invest to achieve stronger brand awareness and national brand status within the next three years.
Temple & Webster will invest in mainstream media advertising, and use tactical pricing and promotions to increase conversion rates, while strengthening its range with category additions, private label expansion, exclusive ranges and new product developments.
The business will also enhance its customer experience through an enhanced technology, data, personalisation and delivery offer.
“During this scale up phase, we will be focused on revenue growth and further expanding our market leadership,” the business said.
“This will result in a financial profile similar to the pre-Covid-19 period [though] we are committed to remaining profitable even during this scale up phase and have set out EBITDA levels accordingly.”