Baby Bunting has today announced the launch of its new online marketplace. The marketplace is expected to triple the amount of products available on site.
Baby Bunting’s new marketplace launches today as part of the existing site with more than 5,000 new products from 20 partners, and plans to grow significantly to offer more than 20,000 products from 150 retail partners in 12 months’ time.
“Our online Marketplace will better serve and quickly respond to the needs of millions of Australian families, in a highly scalable, agile and efficient manner,” said Baby Bunting Acting CEO Darin Hoekman. “Through partnerships with new, industry-leading sellers like Snuggle Hunny, and the expertise from global marketplace leader Mirakl, we’re capturing an opportunity to attract new customers and delight existing ones with more support as their families grow.”
“At Baby Bunting, our purpose is to support growing families every step of the way,” Mr Hoekman said.
The news comes off the back of Baby Bunting’s FY23 results release at the end of July. After last year’s record profit, 2023 and all its challenges has proven too hard for the company to keep up with. Sales were up just 1.7 percent on FY22 at $515.8m compared to last year’s $507.3m. Comparable store sales are down 3.6 percent and Gross Profit is down 118 bps at 37.4 percent. The unaudited pro forma NPAT result sits at $14.5m, down 51 percent on last year.
The new marketplace is set to boost results as the company enters FY24 with a solid growth plan and promising partnerships.
Snuggle Hunny joins the new lineup and owner and CEO Julie Mathers said using Marketplace would be a boost for the business. “We’ve been really pleased by our initial sales results and are excited about the further growth opportunities this partnership brings to growing our brand and community,” she said.
“This partnership allows Snuggle Hunny to offer and promote our full range to more parents and gift givers, who we know are already shopping at Baby Bunting.”
General Manager APAC and Global Delivery at Mirakl, who worked with Baby Bunting on the marketplace feature, Tzipi Avioz, said Marketplace was designed to be easy to use for retailers and consumers alike.
“By partnering with Mirakl, Baby Bunting is developing a best-in-class marketplace experience for its customers, while putting a strong foundation in place for future efficient growth.”
Despite a disappointing FY23 result, shareholders seem thrilled at the launch of the marketplace. Shares jumped from $1.62 at the end of July up to $2.04 on August 2.