(MENAFN) Ruslan Kogan, CEO and founder of Kogan has attempted to convince investors that the business will profit, instead of suffer, from the arrival of Amazon in Australia.
Kogan told shareholders that Amazon will give another platform for his online shopping destination, which sells consumer electronics, general merchandise, travel deals and insurance.
He said online retail was not introduced enough in Australia, in comparison with other big developed economies, making up almost 7.5% of the total retail market of Australia.
He said: "For economies with a large marketplace player (such as an Amazon or an Alibaba) online retail penetration is closer to 20 per cent," and "While Amazon is already a major force in Australia - it's a top 25 site - the launch of a local presence will undoubtedly bring more shoppers online."
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