Not long after Catch, another one bites the dust. Hopefully some decent deals coming up!
“ Supermarket giant Woolworths said it intends to close its customer website MyDeal by 30 September, as part of efforts to stem losses from its online marketplace business.”
https://www.capitalbrief.com/briefing/woolworths-to-shut-myd…
Fairly sure no
And it’s surprising everyone jumped on the marketplace bandwagon… even chemist warehouse
it’s surprising everyone jumped on the marketplace bandwagon
They're just trying to capture some of the market share of and copy to some extent Amazon and Ebay.
Even JB HI-FI
They actually do. Just have to know where to look, i've bought a fair bit at MyDeal and most of the good deals that I got there was Sold & Shipped by MyDeal themselves.
Recently grabbed this New Balance 574 for $33.99 shipped + 13% cashback which is a pretty good deal. You also get everyday rewards points from purchases.
Also grabbed a few Lacoste sweaters a few months back for $40 shipped (cashback included). Otherwise, most of their pricing are really crap but there's always a few deals here and there popping up.
NB 6XX or nothing.
Rgds, Dad/Grandad.
Wonder whether this means they will be closing the Woolworth's marketplace or just moving their focus to it.
Amazing news! Can't stand the Marketplace model that's everywhere now with retailers.
Except MyDeal has insanely high cashback offers which is awesome. I just purchased some the expensive roborock cleaning solution and got almost 50% cashback… I can't do this anymore.
@xNik: That's a great deal (steal), many businesses with the deals have completely unsustainable business models.
@xNik: You can still find MYD's financial statements when it was a public company. For example this one. For 2022, it has $32.66M in "Selling and marketing expense" which is the figure that pretty much funds the cashbacks via affiliate networks. I don't think it was profitable when MyDeal got acquired by Woolworths in 2022, and looks like it has never turned profitable after the acquisition either.
What a waste of $200+ million.
Tbh it's the sickness of how capital markets work. The share price went up because they had an online strategy and now it'll go up again because they're cutting losses.
It's like everyone forgets somewhere inbetween $200mil of real cash was lost.
Yes, Kogan share prices may go up! up!
That's crazy
Just put up grocery prices to compensate.
Businesses take risks, and not all of them are successful. Remember what happened to Masters lol
Yep. Companies will spend billions researching something only to dump it later.
Google has released plenty of stuff then abandoned.
Apple and its car never saw the light of day and would be multiple billions.
Elon spent billions on Twitter (not really the same thing, but definitely one of the biggest financial mistakes ever made).
@UltimateAI: It's crazy how many Elon simps there are still out there. Let it go man.
And no, I don't count Elon selling his own product to his other company he owns as a profit and sign the company is doing well. Like me buying a car, then selling it to myself as a profit and saying the car is now worth more than I originally paid for it… not quite how it works.
And your other comment about the advertisers and subscriber counts is completely drawn out of air - there's no actual numbers on this.
Elon fanboys are just so bizarre.
Elon spent billions on Twitter (not really the same thing, but definitely one of the biggest financial mistakes ever made).
Biggest financial mistakes? Really?
It's a data gold-mine come data intensive factory farm all rolled into one. The data alone is incredibly valuable. Gotta feed the AI beasts somehow.
Remember what happened to Masters lol
Another Woolworths group failure.
nOZtradamus
neostradamus
I had actually upvoted that comment haha, nice prediction. Maybe you just meant 'next financial year' ;)
Its hardly shocking, same with Catch.
1) What do these guys do differently than their competitors (Catch vs Mydeal vs Amazon)? Nothing. Amazon wins for me purely based on the shipping speed + not using Auspost
2) What do these guys do differently than their own in-house competitors (Everyday Market, BIG W Marketplace)? Nothing. I can't really understand why they felt the need to run so many identical services at once tbh
Everyday Market, BIG W Marketplace appeared after MyDeal was incorporated into Woolies Group. Obviously, they absorbed MyDeal gradually. Now there's another identical marketplace in the EDR App.
Feels like buy the competition and kill it
That's how duopoloies and monopolies build/retain market power, when they can't simply take all their customers with aggressive pricing strategies which is more suited to annihilating brick and mortar competitors.
Yeah, don’t disagree. A lot of these purchases are for other reasons too, like buying the distribution networks and they may have wanted their warehouse infrastructure or IT assets. You never will 100% know what the board was thinking. It’s certainly not a $200m loss though I’m sure Woolies will claim that for tax purposes
Kinda bit sad after losing Catch, I actually buy branded fashion from MyDeal because their clearance pricing are really good plus they have really high cashbacks. It's regular to get 13% to 23% cashback offers from them.
Godspeed
I'll miss their good cashbacks.
https://www.mydeal.com.au/moving-to-bigw
"From October 1st 2025, the best deals from MyDeal will be moving to BIGW.com.au.
You can continue to shop at MyDeal until September 30th 2025.
We want to make sure our customers have the best shopping experience, so we are moving to BIG W - the home of great value for so many Australian families.
The best news is amazing deals and a huge range of products you love will still be available from BIGW.com.au, right alongside all your favourite BIG W products.
You can continue to shop at MyDeal until September 30th 2025 or you can shop the great range at BIGW.com.au right now!
From October 1st 2025, while you can no longer shop on MyDeal, your account will remain active, and you can continue to access your MyDeal order history and contact our customer service team for any issues on MyDeal.com.au."
got email today, but checked website it didn't say if mydeal gift card will still remain to use after 30/9?
Does MyDeal actually stock anything themselves?