The online retail marketplace will chase frugal shoppers as it embarks on an efficiency focus after mistakes with product inventory over the past year.
Ruslan Kogan says his online marketplace Kogan.com is ready to move on from mistakes made on inventory levels in the thick of the pandemic as the company chases frugal shoppers amid a cost-of-living crunch.
“Whereas they might have [previously] splashed on big brands, when things tighten up they will compare and research,” he said.The company told investors on Tuesday it was now focused on operational efficiency and has taken steps to reduce costs including reducing the range of underperforming product categories.Inflation in delivery costs has led to a price increase for its loyalty program, Kogan First, which will increase from $59 to $79.
The pandemic has propelled Australia at least five years ahead of where e-commerce market share projections sat pre-pandemic.“The program is so valuable to customers, they are getting so much free shipping,” he said.
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