Kogan.com.au saw a 264 percent rise in the number of products purchased this financial year, with Founder and CEO Ruslan Kogan reporting the strong figures are evidence of the online retail boom.
Kogan’s revenue increased by almost 100 percent compared with FY10, whilst conversion rates (traffic which turned into customers) jumped by 84.42 percent.
“While traditional retailers are reporting slowdowns and losses, Australian shoppers are reaping the benefits of the best prices and convenience of online stores,” Kogan said.
Five years ago the entrepreneur started Kogan.com.au, which designs, manufactures and retails consumer electronics online. In just the last year alone, Kogan has experienced a tremendous growth.
Traffic to Kogan.com.au increased by 104.28 percent in FY11 compared to the previous year.
Kogan believes these strong figures are indicative of the boom in online retail and demonstrate consumers are researching for deals online, spending more time investigating the best deals and are willing to make big-ticket item purchases online.
“We’re innovating our business each and everyday 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… while some bricks and mortar stores will inevitably close down, opportunities abound in the online space.”