MyDeal is returning to its roots by launching a new online marketplace for activities and experiences, Amazed.com – tapping into a $145 billion market.
MyDeal is entering a new phase of its growth by launching an online marketplace dedicated to activities and experiences: Amazed.com.
Amazed is a global marketplace, led by Redbubble’s former chief product officer, Sam Pinney, and will feature experiences and activities designed for locals to help people “search, discover, and live a more inspiring life.” explained the company.
Pinney, who has spent the past five years as chief product officer at Redbubble, will bring expertise in leading teams across product, discovery, creators and international markets. He will also lead the dedicated technology and marketing team, supported by the existing MyDeal team.
The platform will be operated using MyDeal’s proprietary technology, including its database of one million customers.
“A key part of MyDeal’s growth strategy has been the ambition to leverage our proprietary technology to launch new markets with global aspiration,” said Sean Senvirtne, CEO of MyDeal. “Today, we’re excited to launch the Amazed Marketplace, where we apply our deep e-commerce experience to the massive marketplace of experiences and activities.”
Amazed has officially launched in Australia and will enter the New Zealand market in the first half of FY23.
Amazed will earn revenue via commissions on GTV via the Marketplace, with only a “modest” investment planned in both OPEX and CAPEX, $1 million and $0.5 million, respectively. These will be funded from existing cash reserves of $40.2 million as of December 31, 2021.
“The experience market offering is very fragmented. With MyDeal’s 10-year history of building and growing supplier relationships, reopening experiences market restrictions post-COVID-19, and shifting consumer discretionary spending to travel and experiences, now is the time for MyDeal to enter this exciting space,” continued Senvirtne. .
“With a differentiated offering and a strong team in place under the leadership of industry expert, Sam Pinney, backed by MyDeal’s scalable technology platform and a strong balance sheet, we believe we have a recipe for success. global market and capturing market share in this exciting new venture.”
From the latest company, Sam Pinney expressed his excitement for the launch of Amazed.com. “I am thrilled to have the opportunity to create, launch and lead Amazed.com, an exciting new global marketplace platform and the latest chapter in MyDeal’s ever-growing story,” he said. . “The initial response has been outstanding, with over 250 vendors joining the platform to offer customers over 1,000 experiences, including Melbourne Zoo, Global Ballooning and Experience Co. The platform launched in Australia, where MyDeal has a loyal following of over 1 million active customers, providing a captive audience to deliver Amazed local experiences and activities to.
“Using the existing MyDeal marketplace technology is a real step up and the marketplace’s open architecture is a key feature that we hope will allow us to rapidly increase the number of experiences available. We will launch in New Zealand in the second half of this calendar year, which will then be followed by the United States and other high-demand offshore markets,” he said.
The experiences industry is currently valued at $145 billion and is expected to grow 19.5% year-over-year over the next five years. This is untapped potential for the online retailer, which first dabbled in the category a decade ago.
It’s a throwback to MyDeal, which started out not as an online marketplace just for housewares, but as a daily deals site featuring experiences, services, and events. Once in the same vein as Groupon and Catch (of the Day), it has branched out into selling home and garden products, appliances, sports and outdoor activities, toys and more.
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