US online retailer Wayfair LLC has bought out Australian start-up Buyster, but plans to keep the dollars flowing locally.
Wayfair, who already shared 50-50 ownership of Buyster with Australian technology investment firm Netus, felt that the current online retail market in Australia and the $165 million in funding it received in June meant that the time was right for a full buyout.
With research pointing to Australian consumers spending up big with offshore retailers, Wayfair CEO Nirak Shah says that it plans to give “local, selection-seeking consumers of home goods the answer they’ve been looking for, eliminating the need to tap online outlets outside of Australia for home goods.” In fact, when you visit the Wayfair site, a pop-up box noticing that you are an Australian customer welcomes you and offers to redirect you to Buyster site if you want local delivery.
Founded in January 2009, Buyster offers more than 35,000 products from 600 brands, according to Buyster Managing Director Kylie Little. “We’re selling many different styles of furniture for every room in the house, as well as lighting, rugs, items for pets, and most recently, tapware. With increasing investment from Wayfair, we expect to grow the same way the company has in the U.S., the U.K., and Germany – by offering consumers a vast variety of home goods today, while adding more categories and expanding the categories we’re already in moving ahead.”
Buyster’s expansion signals good news for the Australian economy as it plans to double its customer service team immediately and add more buyers to the mix (all from local Australian candidates). Buyster also partners exclusively with Australian suppliers, more than 400 already, and plans to add to that list of local suppliers on an ongoing basis.