- Release of buy now, pay later product Afterpay
- Changes to success fee model for our professional sellers to encourage cheaper shipping
- Increased promotions and offers in our used goods business
- Revenue up 1.3% on F17 to $71.3m
F18 was a challenging but successful year for our General Items marketplace. We were pleased to post revenue growth of 1.3 per cent year-on-year.
Our competitive landscape is more challenging than ever, but we are well placed to continue growing. In September 2017 we rolled out Afterpay a ‘buy now, pay later’ payment product for new goods sellers and buyers. Buyers can purchase an item immediately and pay it off in four instalments – sellers receive their payment upfront. Afterpay is available on approximately three million Trade Me listings.
In February, we made changes to our success fee model for professional retailers to increase the number of items onsite with free or low cost shipping. Shipping costs have been identified as a pain point for buyers and we want to minimise surprises at check-out.
Promotions and smarter pricing are a key part of our strategy for our used goods team. We ran our first success fee-free weekend in October for casual sellers and we have developed tools to provide different and agile pricing to various customer groups which we will continue to experiment with in F19.