The Warehouse hopes to capitalise on consumers’ love of lifestyle labels with the launch of a $12m online shopping platform.
TheMarket is the latest brand enter the company’s stable, and while it is separate from its parent with its own board, it will make use of Warehouse, Warehouse Stationery, Noel Leeming and Torpedo7 stores as pick up points for customers.
Featured will be New Zealand labels including Karen Walker, World, Citta and Barkers as well as Australian and international brands like Billabong, Cue and The Nile.
TheMarket chief executive Justus Wilde said the e-commerce platform was a natural extension for the Warehouse Group as retail evolves.
“If we look at New Zealand today we had about 9 percent of retail spending online and if we compare that to say US at 14 percent or UK at 18 percent there’s a lot of headroom here in terms of where the market will go.”
Globally, some 25 to 80 percent of all transactions happen on market places and that was not yet happening in New Zealand, he said.
Wilde admitted online retail was already a competitive market and that marketplaces are not new, but said the platform would set itself apart by being focused on content, with brands selected for desirability.
“We add value through content helping consumers to get inspiration and to guide their shopping journey.”
Wilde said while TheMarket was launching as a tactical trading platform, further development would see it using data to personalise the shopping experience for customers.