Harris Technology goes from strength to strength with another marquee distribution deal
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The deal with UK-listed MYSALE Group gives HT8 another important distribution channel as it scales up for growth.
2020 was a year of strong growth for ecommerce platform Harris Technology (ASX:HT8).
The company has launched into 2021 with strong momentum as revenues climb while it builds out a market-leading distribution base.
In line with that trend, the company announced another new partnership this morning – this time with MYSALE Group (LSE:MYSL), an ecommerce platform listed on the London Stock Exchange.
MYSALE is the parent company of a number of Australian ecommerce sites, including ozsale.com.au, oo.com.au, buyinvite.com.au, DealsDirect.com.au and Topbuy.com.au.
Under the terms of the deal, MYSALE will integrate HT8’s leading range of tech electronics products into the marketplace platform for its Australian ecommerce network.
The deal gives Harris Technology another key distribution channel, consolidating its first-mover advantage with its leading-marketplace reseller model in Australia’s ecommerce industry.
The company has already established traction with Amazon, where it drives a material amount of marketplace sales through the global ecommerce giant’s marketplace division —which already generates over $500m of sales annually in the Australian market.
And with its MYSALE partnership, HT8 is further expanding that presence with a retail group that has a significant presence in the market for online household goods.
In addition to the booming growth of eCommerce in the wake of the COVID-19 pandemic, the household goods sector has a number of tailwinds behind it, amid rising house prices and a reopening economy.
“Harris Technology is a very strong technology retailer with a rich history serving Australian SMB customers,” MYSALE CEO Carl Jackson said.
Jackson added the company was particularly excited to bring HT8’s 1,000-strong tech product range into the MYSALE network, where it will get access to a database network of more than 20 million customers.
Harris Technology CEO Garrison Huang highlighted that the deal gives the company increased distribution exposure, while materially expanding MYSALE’s tech product range on their marketplace platform.
“With the working-from-home trend continuing into 2021, this will also provide new customers with opportunities to upgrade their home offices while browsing MYSALE’s popular range of lifestyle goods,” Huang said.
With its marketplace reseller platform further enhanced across all major ecommerce websites, HT8 is on the fast-track for further growth in the year ahead.
Speaking with Stockhead earlier this month, leading professional investor Julian Babarczy said the company has a “demonstrable re-rating opportunity of potentially multiples from where the share price currently is” as it capitalises on that growth opportunity.
This article was developed in collaboration with Harris Technology, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.