Myer’s answer to Amazon is up and running
Myer's new shopping experience could be just the thing to turn profits around. And strike at Amazon Australia.
You may not have heard about The Myer Market. It's not surprising. Myer decided to launch this new shopping experience without a big publicity campaign so far.
So what is The Myer Market exactly? Well, it's been coined as a "new online retail platform" and while this is certainly new for Myer, the concept itself is not new. The Myer Market is a marketplace that allows third parties to sell their wares. It's a bit like eBay's branded stores and a lot like Amazon's Marketplace.
Amazon Australia's Marketplace soft launched on Thursday 23 November and The Myer Market had its soft launch just a week later. Although customers still can't access Amazon, The Myer Market is now live and ready for anyone who knows it's there.
This timing strongly suggests that this is Myer's way of arming itself against Amazon's coming attack on Australian retail. However, according to The New Daily, Myer has been in talks to launch a marketplace since before Amazon had plans to launch in Australia.
Whether or not this is a direct strike at the threat of Amazon in Australia, this is definitely a very strategic tactic. Myer has been in financial strife for some time now. With figures like "profit tumbles 80 percent" floating through the media and news of more and more store closures, it seems like Myer needs to find a way to capture new customers and quick – or end up as another notch on the list of failed Australian brands.
This new branch of Myer online could be just the thing to turn Myer around and attract new audiences. And regardless of whether the intention was to strike at Amazon, this certainly is an offensive tactic – jumping into a retail space that is also launching.
If you visit The Myer Market you'll see that it describes itself thusly: "Curating a mix of new brands and boutiques, The Myer Market brings together the world’s best international and local sellers for you in one lifestyle destination."
The current selection of brands includes Red Balloon and Fitbit and some of the featured categories include experiences and nursery items. According to The New Daily, there are currently 65 sellers live on The Myer Market now and it is looking for more. But Myer does plan on being very selective in order to provide the best experience for customers.
Head to The Myer Market now to see how it all works.