Harris Technology (ASX:HT8) - CEO, Garrison Huang
CEO, Garrison Huang
Source: ARNet
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Platform reseller and tech business Harris Technology Group (HT8) has laid out its short, medium and long term growth strategy in an update to shareholders
  • Today’s investor presentation highlights the company’s short term aim to be the leading provider of tech solutions on platforms like Amazon and eBay
  • It’s an attainable goal for the business, which was Amazon Australia’s best marketplace seller in July
  • In the medium term, HT8 wants to become the number one seller on all major eCommerce platforms
  • After that, the company has its sights set on becoming a global leader in e-commerce by launching its website internationally
  • To achieve these goals, HT8 has begun increasing its inventory levels after successfully carrying out a $4.9 million capital raise in August
  • Shares in Harris Technology have ended today’s session up 3.85 per cent at 13.5 cents per share

Harris Technology Group (HT8) has laid out its short, medium and long term growth strategy in an update to shareholders.

The investor presentation released to investors today basically highlights the company’s progress so far, as well as its future goals.

In the short term, the platform reseller said it wants to become the leading provider of tech solutions on platforms such as Amazon, eBay, kogan.com, and Catch.

That should prove to be an attainable goal for the business, which was ranked Amazon Australia’s best marketplace seller in the month of July 2020.

In the medium term, Harris has its sights set on becoming the number one seller on all major eCommerce platforms, including new partners MyDeal and Groupon.

Once it’s achieved that goal, the company will hone in on the international expansion of its website and ultimately becoming a global leader in eCommerce.

To achieve these goals, Harris revealed in today’s presentation that it had increased its inventory levels to $4.7 million, up from $2.2 million in the last quarter, to meet growing demand heading into the holiday season.

The business was able to boost its inventory after successfully carrying out a $4.9 million private placement and share purchase plan back in August of this year.

Following today’s growth strategy update, shares in HT8 closed trading up 3.85 per cent at 13.5 cents a pop.

HT8 by the numbers
More From The Market Online
The Market Online Video

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

Shekel Brainweigh CEO, Nir Leshem, joins The Market Online to provide an update on how AI…

Bridge SaaS shares soar as new CEO is announced

Bridge SaaS Limited (ASX: BGE) has appointed Mr Daniel Brewer as Chief Executive Office

Why the Government needs to lift its game in supporting ‘right to repair’ laws in Australia

Since the early noughties, two trends have coalesced in Australian society: a growing awareness of environmental issues – together with the attendant need

UNITH’s digital humans expand into Amazon; Facebook

AI-powered 'Digital Human' chatbot developer UNITH has announced its in-house tech can now harmonise with that…