MyDeal Finds its ‘Sweet Spot’ in H1 FY21

Power Retail By Power Retail | 23 Feb 2021

MyDeal.com.au Limited (ASX:MYD) is reporting strong growth in its H1 FY21 results, with increases across gross sales, profit, revenue and active customers. This follows its successful IPO in October 2020. 

“We are pleased to have delivered a record half in gross sales, gross profit and revenue. The strongest results in MyDeal’s history are testament to the efforts of the team and confirms our growth strategy is on track to meet our targets,” said Sean Senvirtne, CEO and Founder of MyDeal.

The report found that gross sales increased 217 percent to $126.7 million, compared to $40 million in H1 FY20. Furthermore, revenue increased by 248 percent to $21.2 million, up from $6.1 million in the same period last year.

Active customers increased by 205 percent YoY, to 813,764 as of 31st December. The launch of its Private Label has also helped contribute $4.3 million to Gross Sales.

“We are well placed to capitalise on maturing trends in Australian online retail,” said Senvirtne. “Online penetration rates in Australia for furniture and homeware sales are in their infancy compared to the UK and US. The more experienced a user gets at e-commerce, the more they want price and value delivered through a seamless customer experience.

via MyDeal

Sean Senvirtne, Founder and CEO of MyDeal | via MyDeal

“This is our sweet spot due to the lower operational costs of our highly scalable, automated proprietary marketplace that lets customers compare and get better prices on a vast range of products found throughout the home.”

“Building on the continued growth in our active customer base and increasing transactions from returning customers, we will continue to focus on customer acquisition as our technology, marketing, and product range evolves, and we add new partnerships to increase our seller base,” he said.

MyDeal isn’t only reporting an increase in Gross Sales. Its customer conversion rate has also experienced a growth of ten percent from the prior year. Additionally, more than half (52.7 percent) of all Q2 FY21 transactions were made from returning customers, compared to 38.5 percent in Q2 FY20.

During the Half, MyDeal hired Lachlan Freeman as its Chief Financial Officer, t further support the business’s growth. For the next FY, MyDeal remains well-positioned to execute its growth strategy, with $48.1 million of cash as of December 31st.

The online retailer plans to roll out an iOS and Android app in the Q2 of FY21 and implement one-to-one real-time AI and machine learning as part of its expansion plans.

“We will continue enhancing a seamless customer experience. We’re launching mobile apps for iOS and Android, implementing one-to-one real-time AI and machine learning into all interactions, and increasing our private label offer while optimising promotional support to realise the higher-margin potential of this product range,” said Senvirtne.

Like this story? Click here to find out more about Power Retail E-Commerce Intelligence or here to sign-up for the free weekly Pulse Newsletter for more essential online retail content.

0 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

[gravityform id="11" title="false" description="false" ajax="true"]
<div class='gf_browser_unknown gform_wrapper fix-om-styling_wrapper' id='gform_wrapper_11' ><div id='gf_11' class='gform_anchor' tabindex='-1'></div><form method='post' enctype='multipart/form-data' target='gform_ajax_frame_11' id='gform_11' class='fix-om-styling' action='/news/mydeal-finds-its-sweet-spot-in-h1-fy21/#gf_11'> <div class='gform_body'><ul id='gform_fields_11' class='gform_fields top_label form_sublabel_below description_below'><li id='field_11_2' class='gfield gfield_contains_required field_sublabel_below field_description_below hidden_label gfield_visibility_visible' ><label class='gfield_label' for='input_11_2' >Email Address<span class='gfield_required'>*</span></label><div class='ginput_container ginput_container_email'> <input name='input_2' id='input_11_2' type='text' value='' class='large' placeholder='Email' aria-required="true" aria-invalid="false" /> </div></li><li id='field_11_3' class='gfield gfield_contains_required field_sublabel_hidden_label field_description_below hidden_label gfield_visibility_visible' ><label class='gfield_label gfield_label_before_complex' >Name<span class='gfield_required'>*</span></label><div class='ginput_complex ginput_container no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name' id='input_11_3'> <span id='input_11_3_3_container' class='name_first' > <input type='text' name='input_3.3' id='input_11_3_3' value='' aria-label='First name' aria-required="true" aria-invalid="false" placeholder='First Name'/> <label for='input_11_3_3' class='hidden_sub_label screen-reader-text'>First</label> </span> <span id='input_11_3_6_container' class='name_last' > <input type='text' name='input_3.6' id='input_11_3_6' value='' aria-label='Last name' aria-required="true" aria-invalid="false" placeholder='Last Name'/> <label for='input_11_3_6' class='hidden_sub_label screen-reader-text'>Last</label> </span> </div></li><li id='field_11_5' class='gfield gfield_contains_required field_sublabel_below field_description_below hidden_label gfield_visibility_visible' ><label class='gfield_label' for='input_11_5' >Company / Organisation<span class='gfield_required'>*</span></label><div class='ginput_container ginput_container_text'><input name='input_5' id='input_11_5' type='text' value='' class='large' placeholder='Company' aria-required="true" aria-invalid="false" /></div></li><li id='field_11_6' class='gfield gform_hidden field_sublabel_below field_description_below gfield_visibility_visible' ><input name='input_6' id='input_11_6' type='hidden' class='gform_hidden' aria-invalid="false" value='NOT PROVIDED' /></li><li id='field_11_7' class='gfield gform_hidden field_sublabel_below field_description_below gfield_visibility_visible' ><input name='input_7' id='input_11_7' type='hidden' class='gform_hidden' aria-invalid="false" value='NOT PROVIDED' /></li><li id='field_11_8' class='gfield gform_hidden field_sublabel_below field_description_below gfield_visibility_visible' ><input name='input_8' id='input_11_8' type='hidden' class='gform_hidden' aria-invalid="false" value='NOT PROVIDED' /></li><li id='field_11_9' class='gfield gform_validation_container field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label' for='input_11_9' >Comments</label><div class='ginput_container'><input name='input_9' id='input_11_9' type='text' value='' /></div><div class='gfield_description' id='gfield_description_11_9'>This field is for validation purposes and should be left unchanged.</div></li> </ul></div> <div class='gform_footer top_label'> <button type="submit" class="button-3" id="gform_submit_button_11">SUBSCRIBE</button> <input type='hidden' name='gform_ajax' value='form_id=11&amp;title=&amp;description=&amp;tabindex=0' /> <input type='hidden' class='gform_hidden' name='is_submit_11' value='1' /> <input type='hidden' class='gform_hidden' name='gform_submit' value='11' /> <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' /> <input type='hidden' class='gform_hidden' name='state_11' value='WyJbXSIsIjRjNDYzMzMwNzM3OTFjM2ZlOGZhNjY2ZDA4ZDVlMDcyIl0=' /> <input type='hidden' class='gform_hidden' name='gform_target_page_number_11' id='gform_target_page_number_11' value='0' /> <input type='hidden' class='gform_hidden' name='gform_source_page_number_11' id='gform_source_page_number_11' value='1' /> <input type='hidden' name='gform_field_values' value='' /> </div> </form> </div> <iframe style='display:none;width:0px;height:0px;' src='about:blank' name='gform_ajax_frame_11' id='gform_ajax_frame_11' title='This iframe contains the logic required to handle Ajax powered Gravity Forms.'></iframe> <script type='text/javascript'>jQuery(document).ready(function($){gformInitSpinner( 11, 'https://mlo34ofws4g4.i.optimole.com/sfLB6KI-p9IYDWSG/w:auto/h:auto/q:auto/https://mail.powerretail.com.au/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery('#gform_ajax_frame_11').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_11');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_11').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_11').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_11').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_11').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */ jQuery(document).scrollTop(jQuery('#gform_wrapper_11').offset().top - mt); }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_11').val();gformInitSpinner( 11, 'https://mlo34ofws4g4.i.optimole.com/sfLB6KI-p9IYDWSG/w:auto/h:auto/q:auto/https://mail.powerretail.com.au/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery(document).trigger('gform_page_loaded', [11, current_page]);window['gf_submitting_11'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_11').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_11').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [11]);window['gf_submitting_11'] = false;}, 50);}else{jQuery('#gform_11').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger('gform_post_render', [11, current_page]);} );} );</script><script type='text/javascript'> jQuery(document).bind('gform_post_render', function(event, formId, currentPage){if(formId == 11) {if(typeof Placeholders != 'undefined'){ Placeholders.enable(); }} } );jQuery(document).bind('gform_post_conditional_logic', function(event, formId, fields, isInit){} );</script><script type='text/javascript'> jQuery(document).ready(function(){jQuery(document).trigger('gform_post_render', [11, 1]) } ); </script>