If you aren’t already familiar with The Iconic, one of the fastest-growing online retailers in Australia, you will be soon, because the company just announced it has received a $20 million investment from international finance giant J.P. Morgan.
According to The Australian, The Iconic website currently receives 150,000 daily visits and is garnering more than 1000 orders a day. We’re not sure exactly what that equates to in terms of cold hard cash dollars each day, but it lands somewhere in the ball park of a dick load. The remarkable success of the company (that began operation less than a year ago) doesn’t come down to luck or your proverbial rocket science; it’s basic economics combined with shoppers’ increasing preference for convenience and efficiency.
The Iconic offers free shipping around the country and 3 hour delivery to customers in Sydney where the warehouse is based, free returns within 100 days of purchase, and over 500 brands with 15,000 products. In short, the shopping experience is quicker, cheaper and more reliable.
The shift in Australian retail from bricks and mortar stores to online has never been clearer. Not only are new locally-based and owned “e-tailers” popping up more and more (this week a new platform JASU was launched, stocking leaders in Australian design like Romance Was Born, Josh Goot and Dinosaur Designs), but international sites like UK giant ASOS have launched stand-alone Australian sites dedicated specifically to an Australian audience due to such a high demand.
The fact a massive international corporation is taking interest (no pun intended) in a local eCommerce business is a sign of the times if ever there was one.
Buy-Curious? Browse The Iconic website now: www.theiconic.com.au
