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MyDeal sails into third quarter growth

Following a half which saw record revenue and profit hit by IPO costs, online marketplace MyDeal has seen its strong growth continue into the third quarter.

Revenue increased 175.8 per cent to $8.3 million during the three months to March 31, with over half of transactions coming from returning customers.

“It has been another period of significant growth for MyDeal, ending the quarter with 883,000 active customers, 1033 active sellers, and over 6 million products listed on the marketplace,” said MyDeal chief executive Sean Senvirtne.

“A record 56.1 per cent of all MyDeal’s transactions over the last quarter were from returning customers. This is further evidence that our strategy is playing to our strength – as Australian consumers become more savvy with their online purchases, they increasingly look to maximise value through the lowest prices and put increased importance on a seamless customer experience and convenience.”

According to Senvirtne, the business is looking to continue its focus on customer convenience with the launch of the MyDeal iOS and Android shopping app in the fourth quarter, as well as an increase in its private label offering – which have clocked in sales of $6.5 million in FY21 so far.

MyDeal, like several other e-commerce brands and marketplaces, has ridden the overwhelming wave of online shopping since the Covid-19 pandemic first hit and limits on face-to-face contact made bricks-and-mortar, for a time, untenable.

However, this wave has already begun moderating, and will continue to do so as conditions continue to return to ‘normal’, said Senvirtne.

“With that said, it is pleasing to report that Q4 has started positively, showing gross sales growth in April to date against the same period last year, noting that April 2020 was our second highest growth month last year,” Senvirtne said.

“MyDeal well placed to continue to deliver sustainable growth for its customers, suppliers, team and shareholders… our pipeline of initiatives [will] drive a seamless customer experience that will underpin future growth.”

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