Mad Paws Group revenue has grown 147 percent in FY23 as the company focused its efforts on growing its ecommerce and marketplace arm.
Mad Paws, an Australian run online pet “ecosystem” is best known for its online platform for pet owners to book their pet sitting, walking, day care and grooming services, with one of over 40,000 registered pet carers Australia wide. The company has had a successful year as it double downed on its ecommerce arm, investing in its marketplace and store offerings.
Group revenue in FY23 has grown 147 percent on a reported basis and 60 percent on a pro forma basis, expected to be between $24.5m – $24.7m. Attributed to the launch of a new marketplace home page experience in March 2023, showcasing the group’s additional products and services in one place and a significantly improved customer experience. In June, Mad Paws were a corporate sponsor of the RSPCA’s Million Paws Walk initiative which raised funds to help rescue, rehabilitate and re-home pets in need. These initiatives have helped to increase conversion rates by 5 to 7 percent, with average order values continuing to grow.
Justus Hammer, Co-Founder & CEO commented, “FY2023 has been a transformational year for Mad Paws as we leverage the pet industry tailwinds, successfully implementing our pet life cycle strategy. Mad Paws is acquiring thousands of new customers every quarter, increasing our share of the pet owner’s wallet, while significantly improving our marketing efficiency and profitability. We are achieving these goals despite a challenging macro environment for many other retailers and demonstrates the resilience of the pet market.
Going forward, Mad Paws plans to significantly expand the Pet Chemist range by over 1,000 products, representing a 50 percent increase, with a near-term goal to be in a position to offer 3,000 products and Pet Chemist is planning to launch a new website in September 2023. According to the company, the new distribution facility, updated website, and the work being carried out in preparing for the launch of Pet Chemist’s private label offering leave Pet Chemist well placed for significant organic growth in FY2024. This will build on the over 50 percent growth in pro forma ecommerce revenues expected for the full year FY2023.
“Moving forward in 2024, Mad Paws is seeking to deliver long term sustainable value by improving customer growth and retention, while at the same time building share of wallet,” said Hammer. “Mad Paws is focused on continuing to grow its share of the Australian pet market and achieving profitability in the medium term”.
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