Kogan Technologies has announced a series of major milestones for FY2010-11, including a 100% revenue increase and a 264% jump in products purchased online.
Kogan Technologies has reaped the benefits of explosive growth in the online retail sector, announcing a record surge in profits for FY2010-11. The controversial pureplay retailer has reported that the number of products purchased jumped by 264% in FY2011 compared to FY2010, pointing to a major uptake in online transactions this year. It also reported that traffic to Kogan’s online store increased 104.28% in FY11, highlighting the greater number of people researching deals online. The fact that customers are more willing to purchase big-ticket items is reflected in the change in conversion rates, which rose by 85.42%.
However, the fact that the company’s revenue increased by close to 100% in FY11 is most indicative of the boom in Australian e-commerce.
“We’ve been leading the online retail push in Australia for over 5 years now, and these figures show that Australian consumers are now migrating online in droves,” said founder Ruslan Kogan.
“While traditional retailers are reporting slowdowns and losses, Australian shoppers are reaping the benefits of the best prices and convenience of online stores. We’re innovating our business each and every day to ensure we keep giving consumers exactly what they want at unbeatable prices.
“Traditional retail is struggling, but it doesn’t mean the entire retail industry is in the same boat. As you can see, we’re experiencing tremendous growth with no sign of slowing down.”
“While some bricks and mortar stores will inevitably close down, opportunities abound in the online space. We are creating new jobs every single day, and the team at Kogan has more than doubled over the past year,” Kogan continued.
Kogan has been nominated in the Most Innovative Online Retailer Category at the 2011 ORIAs.