Info for new investors dyor Tech retailer Harris Technology...

Info for new investors dyor
Tech retailer Harris Technology (ASX: HT8) has continued a strong financial turnaround which has been driven by its online sales and led the retailer to reach number one in the Amazon Australia seller rankings according to research firm Marketplace Pulse.

The ranking is based on customer feedback following purchases on the Amazon Australia platform where Harris Technology has seen an uplift in sales over the past three months. This was outlined in a recent profit guidance update where the Company expects to deliver $1.1m profit before tax from $13.5m revenue for FY20.

In the past 30 days, Harris Technology has received 478 customer reviews which represents more than one third of Harris Technology’s lifetime reviews and reflects recent sales growth through the Amazon Australia platform.

“We are delighted to achieve the top Amazon Australia ranking, and are grateful for all the customer reviews and feedback received,” said Harris Technology CEO, Garrison Huang.

“We have been able to take advantage of Amazon Australia’s strong logistic and marketing power to grow our footprints on Amazon where customer reviews are critical to Harris Technology attracting new customers.

“Our strategy of working in partnership with the major e-commerce platforms is certainly contributing to our bottom line, with online sales growing substantially over the past year.

“We are continuously working closely with platforms such as Amazon, Kogan, Catch and eBay to compliment the product offerings by leveraging HT’s expertise and knowledge in IT/CE products.”

Harris Technology’s rise in online sales revenue through COVID-19 has grown in line with disruption to traditional workplace arrangements which has seen increased demand for home office products.

The expected $1.1m profit before tax would represent a substantial turnaround from the FY19 $732k loss but the Company’s fortunes have also been aided by the launch of their Pro-Hygiene business which was launched in April 2020.

Distributing personal protective equipment and sanitary products, the Pro-Hygiene division delivered $1m in new revenue to Harris Technology in April 2020 alone, at 20% profit margins.

Harris Technology has recently expanded the Pro-Hygiene product range to co-develop a foot-operated hand sanitiser dispenser with the first trial order of 500 units now in production.