MyDeal chief executive and founder Sean Senvirtne is listing the startup this week.Credit:Eamon Gallagher
"The COVID-19 (pandemic) has led to a significant shift to online,there are a lot of new customers coming and shopping online,there's no doubt about it."
"The IPO window it's a quick window sometimes they open,sometimes they close due to a lot of the external circumstances... COVID-19 sort of shut that gate (initially) but now it has opened back up for a lot of the online businesses specifically,"he said.
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Australian consumers spent around $39.2 billion on online retail in the twelve months to August,around 11.5 pe cent of the total retail trade estimate,according to the latest NAB online retail sales index. With bricks and mortar stores shuttered by lockdowns,listed online retailers like Kogan.com and Temple&Webster have seen a significant bump in sales during the pandemic.
Mr Senvirtne predicted the next shift will be when online shoppers become more focused on price.
"We believe in the long term,ecommerce is really about price,it's really about value,"he said."Right now people are not across it they are just excited to be buying online,but as they get smarter they'll know how to right click,do a comparison and get the same product at a better price."