New Zealand-based classifieds website Trade Me is looking to improve their marketplace's retail offering. They have been reinvesting in its services over the past three years, but are aiming to make it more attractive to sellers and buyers.
Last year proved fruitful for Trade Me, boosting their earnings 7.8% to $26.2 million on a 9.3% gain in sales to $35.2m. The total value of sales facilitated through the platform went up 5.6% to $422m in the final six months of 2016.
According to the New Zealand Herald, chief executive John MacDonald said Trade Me plans to continue this success by improving their service process with a buyer protection programme to cover disputed payments. There are also plans for a courier service to integrate transport into the transaction.
"There's a lot we can do on how our core retail proposition is perceived by New Zealand consumers," Macdonald said. "Range and price and convenience and trust - those are the four pillars."
Macdonald said buyer protection was a trust matter, while the courier service was one of convenience, but he was reluctant to provide any detail on future plans.
However, the company posted a 16% in H1 of 2017, bringing their profit to $46.1m on a 9 per cent increase in revenue to $114.9m, returning to earnings growth after spending several years reinvesting funds back into the business which MacDonald says puts them in a strong position.
This success, coupled with vigilance towards main competitors Facebook and Amazon should keep Trade Me Going strong.