Queen Victoria Market goes online and Australia Post signs a new partnership with Qantas to better E-commerce delivery. Get a healthy dose of news as we uncover the day’s top stories in E-commerce.
Amazon Unveils New Pricing Method
Global retail giant, Amazon, has introduced a new pricing model, named Sold by Amazon. The program gives full control of pricing over select third-party products sold on the marketplace. This comes following the controversy that Amazon found itself in the last week – critics claimed its previous pricing policy prevented merchants from offering lower or competitive pricing elsewhere. In some cases, it forced them to raise prices on other sites.
The Sold by Amazon platform is described as a ‘new, hands off the wheel selling experience’, and gives Amazon the right to cut the price how it chooses in exchange for a ‘Minimum Gross Proceed’ (MGP) – essentially, a guaranteed payout. “Sellers choose which products to enrol in SBA, and once enrolled, these products are priced by Amazon,” said the invitation to sellers. “To ensure peace of mind, for each SBA product, Amazon will provide a Minimum Gross Proceed (MGP) amount to protect your margin.”
Queen Victoria Market Goes Online
Melbourne’s Queen Victoria Market has officially gone online in a new partnership with YourGrocer. The delivery service has collaborated with the famous fresh food market, allowing Melbourne customers to order fresh produce from the QVM online. YourGrocer is a Melbourne online shopping and delivery service start-up – it now features 25 new greengrocers, butchers, fishmongers and delicatessens from the QVM.
“This is a great example of how the Queen Victoria Market is moving with the times and adapting to meet the changing needs of customers and traders,” explained QVM CEO, Stan Liacos. “The new online service will bring the Market’s amazing fresh produce to those who are time-poor and may not be able to visit the Market regularly, or at all, to buy groceries, but who still want to enjoy what Victoria’s favourite market has to offer.” Those who are interested need to make an order on the YourGrocer website, where they can select the products they wish to order – it is then delivered to the customer’s door. Same-day deliveries can be made before 11 am on Tuesdays, Thursdays and Saturdays.
Australia Post’s New $1B Deal with Qantas
Australia Post has created a seven-year partnership with Qantas to improve e-commerce delivery. The $1 billion deal includes the introduction of three Airbus A321 carrier planes; the first airline in the world to do so. These freight carriers are expected to add 50 per cent more capacity compared to its current carrier. “Australia Post plays a critical role connecting Australian businesses and communities to each other and the rest of the world, and with the continued growth in online shopping, we can now take it to new heights,” said Australia Posts’ CEO and Managing Director, Christine Holgate. Read the full story here.
JB Hi-Fi Net Profits Rise 7.1 Per Cent
In defiance of the slump that retail is finding itself in, retailer JB Hi-Fi has reported a 7.1 per cent net profit rise. This boost comes after well-selling audio equipment, mobile phones and computers, said the company. The company’s net profit now sits at $249.8 million. “The growing area is vinyl which (shows) people like to own things and touch and feel, and I think that does sometimes get lost in the conversation,” explained Richard Murray, CEO of JB Hi-Fi.
The EOFY sales catapulted this result. “It was a solid result for JB Hi-Fi Australia and a particularly pleasing finish to FY19 with strong sales in the key tax-time promotional period,” Mr Murray said. The company’s largest sales division includes fitness equipment, games and smart home devices – profits rose 4.1 per cent to $4.73 billion. “Whilst we continue to see variability in the sales environment, we enter FY20 confident in our ability to execute and grow market share and look forward to another successful year,” he continued.
Catch up on yesterday’s Freshly Squeezed news here.
Like this story? Sign-up for the free Pulse Weekly Newsletter for more essential online retail content.