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==Business model==
==Business model==
Mydeal Australia acts as a destination site for connecting online buyers with sellers.<ref>{{Cite news|url=https://bestinau.com.au/the-5-fastest-growing-businesses-in-australia/|title=The 5 fastest growing businesses in Australia - Best in Australia|date=2018-11-06|work=Best in Australia|access-date=2018-11-15|language=en-US}}</ref> The company lets anyone sell their products using its platform and charges a percentage of their sales. The sales are processed through mydeal.com.au and end up at individual sellers for processing and order fulfillment for these retailers.<ref>{{Cite news|url=https://www.smartcompany.com.au/marketing/sales/australians-to-have-access-to-another-flash-sale-event-as-mydeal-launches-australias-night-online/|title=Australians to have access to another flash sale event as MyDeal launches Australia's Night Online - SmartCompany|date=2018-06-18|work=SmartCompany|access-date=2018-11-15|language=en-US}}</ref> It moved to business-to-consumer relationships with its marketplace which acts as an intermediary to facilitate [[transactions]].<ref>{{Cite news|url=https://www.powerretail.com.au/pureplay/mydeal-sustainable-business-model/|title=Building & Growing a Sustainable Business Model - Power Retail|date=2017-07-28|work=Power Retail|access-date=2018-11-15|language=en-US}}</ref><ref>{{Cite news|url=https://bestinau.com.au/the-5-fastest-growing-businesses-in-australia/|title=The 5 fastest growing businesses in Australia - Best in Australia|date=2018-11-06|work=Best in Australia|access-date=2018-11-15|language=en-US}}</ref>
In 2017, Mydeal announced partnership with Prospa, an online lender for small business to provide business loan directly to their retailers through its supplier management system.<ref>{{Cite news|url=https://www.afr.com/technology/gandelbacked-retail-marketplace-mydeal-partners-with-business-lender-prospa-20171003-gyt8qd|title=Gandel-backed retail marketplace MyDeal partners with business lender Prospa|date=2017-10-16|work=Financial Review|access-date=2018-11-15|language=en-US}}</ref><ref>{{Cite news|url=https://www.dynamicbusiness.com.au/featured/online-marketplace-mydeal-enters-the-fintech-game-with-sme-retailer-loans-through-prospa.html|title=Online marketplace MyDeal enters the fintech game with SME retailer loans through Prospa|date=2017-10-18|work=Dynamic Business|access-date=2018-11-15|language=en-US}}</ref>


==References==
==References==

Revision as of 05:38, 15 November 2018

Mydeal Australia
Company typePrivate
IndustryOnline retail
Founded2012
FounderSean Senvirtne
HeadquartersMelbourne, Victoria, Australia
Area served
Australia
Websitewww.mydeal.com.au

Mydeal Australia is an Australian e-commerce platform that enables third-party sellers to sell their products on a fixed-price online marketplace.[1][2][3] The company was started by Sean Senvirtne in 2012 and its headquarters is located in Melbourne, Victoria.[4][5]

History

Mydeal Australia began operating in 2012 by founder and CEO Sean Senvirtne.[6] The company initially started as an online retailer of furniture, electronics and homewares, shipping products directly to the consumers.[7] Senvirtne later turned it into an online marketplace to help businesses sell their products online.[8]

The company announced an award program, Australia’s Top 50 Influencer Awards to identify and award the most inspiring and influential bloggers in the Australia.[9][10]In 2015-16, the company saw a major growth and recorded revenue of $15.6 million.[11][12] During the first few years of operations, the company remained bootstrapped until 2017,[13] when it raised $5 million from investment firm Gandel for growth and marketing.[14][15] Since establishment, MyDeal.com.au has developed various subsidiaries which include MyDeal Marketplace Loans,[16] fashion marketplace MyWardrobe[17] and luxury travel segment MyDeal Getaways.[18][19]

In 2017, Mydeal announced partnership with Prospa, an online lender for small business to provide business loan directly to their retailers through its supplier management system.[20][21]

Business model

Mydeal Australia acts as a destination site for connecting online buyers with sellers.[22] The company lets anyone sell their products using its platform and charges a percentage of their sales. The sales are processed through mydeal.com.au and end up at individual sellers for processing and order fulfillment for these retailers.[23] It moved to business-to-consumer relationships with its marketplace which acts as an intermediary to facilitate transactions.[24][25]

References

  1. ^ "Seven bootstrapped Australian companies that are now raising and making millions - SmartCompany". SmartCompany. 2018-07-20. Retrieved 2018-11-15.
  2. ^ "MyDeal.com.au launches fintech loan offering for retailers". 2017-10-20. Retrieved 2018-11-15.
  3. ^ "Q&A with MyDeal founder Sean Senvirtne - Internet Retailing". Internet Retailing. 2016-09-15. Retrieved 2018-11-15.
  4. ^ Cain, Alexandra (2016-09-13). "How to build a $20 million company in four years". The Sydney Morning Herald. Retrieved 2018-11-15.
  5. ^ "Seven Leading Marketplaces for Selling in Australia and New Zealand". Ecommerce In Depth. 2018-05-10. Retrieved 2018-11-15.
  6. ^ "Moshal and Morris make their debut: The 100 richest young people in Australia revealed - SmartCompany". SmartCompany. 2018-10-26. Retrieved 2018-11-15.
  7. ^ "Building Blocks: Sean Senvirtne, CEO at MyDeal.com.au Talks Marketing Tech". Retrieved 2018-11-15.
  8. ^ "Amazon in Australia: Embrace or Fear? - Power Retail". Power Retail. 2017-08-30. Retrieved 2018-11-15.
  9. ^ "MyDeal Reveals 2017 Winner Of Australia's Top 50 Influencer Awards - B&T". B&T. 2017-03-17. Retrieved 2018-11-15.
  10. ^ "How Ridiculous channel tops Australia's Top 50 Influencer Awards - Mumbrella". Mumbrella. 2017-03-17. Retrieved 2018-11-15.
  11. ^ "MyDeal Australia - SmartCompany". SmartCompany. 2016-10-31. Retrieved 2018-11-15.
  12. ^ Yoo, Tony (2017-11-03). "An Australian marketplace is combating Amazon's arrival by signing 50 fashion retailers and flogging half-price trips to Hawaii". Business Insider Australia. Retrieved 2018-11-15.
  13. ^ "MyDeal founder Sean Senvirtne secures $5 million deal with Gandel Invest after four years of bootstrapping - SmartCompany". SmartCompany. 2017-04-03. Retrieved 2018-11-15.
  14. ^ "MyDeal.com.au raises $5m from Rich List Gandel family". Financial Review. 2017-04-03. Retrieved 2018-11-15.
  15. ^ Yoo, Tony (2017-04-03). "MyDeal.com.au has raised $5 million to fund expansion plans". Business Insider Australia. Retrieved 2018-11-15.
  16. ^ "MyDeal partners with Prospa on new business loans service". Australian FinTech. 2017-10-17. Retrieved 2018-11-15.
  17. ^ "MyDeal Launches Fashion Marketplace - Power Retail". Power Retail. 2017-10-24. Retrieved 2018-11-15.
  18. ^ Waters, Cara (2017-10-23). "Gandel-backed MyDeal launches online fashion marketplace MyWardrobe". The Sydney Morning Herald. Retrieved 2018-11-15.
  19. ^ Bolza, Miklos. "Fintech lender partners with retail marketplace". Australian Broker. Retrieved 2018-11-15.
  20. ^ "Gandel-backed retail marketplace MyDeal partners with business lender Prospa". Financial Review. 2017-10-16. Retrieved 2018-11-15.
  21. ^ "Online marketplace MyDeal enters the fintech game with SME retailer loans through Prospa". Dynamic Business. 2017-10-18. Retrieved 2018-11-15.
  22. ^ "The 5 fastest growing businesses in Australia - Best in Australia". Best in Australia. 2018-11-06. Retrieved 2018-11-15.
  23. ^ "Australians to have access to another flash sale event as MyDeal launches Australia's Night Online - SmartCompany". SmartCompany. 2018-06-18. Retrieved 2018-11-15.
  24. ^ "Building & Growing a Sustainable Business Model - Power Retail". Power Retail. 2017-07-28. Retrieved 2018-11-15.
  25. ^ "The 5 fastest growing businesses in Australia - Best in Australia". Best in Australia. 2018-11-06. Retrieved 2018-11-15.
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