The Harris Technology Group Ltd (ASX: HT8) share price is charging higher this afternoon.
At the time of writing, the online consumer electronics retailer’s shares are up 9% to 12 cents.
Why is the Harris Technology share price charging higher?
Investors have been buying Harris Technology’s shares after it released a business update this afternoon.
According to the release, the company experienced a material uplift in sales during Amazon Prime Day.
Across June 21 and 22, the recent Amazon Australia Prime Day promotion saw a record-breaking two days of sales for Harris Technology on the marketplace. During the two days, the company recorded sales totalling $429,963. This was up 32% on the previous Prime Day promotion in 2020.
Underpinning this growth has been its expanding offering on Amazon and high levels of customer satisfaction. In respect to the latter, the company, which was previously owned by Wesfarmers Ltd (ASX: WES), revealed that it has received more than 4,750 individual customer reviews on Amazon Australia over the last 12 months. Pleasingly, 100% of these reviews have been positive.
Harris Technology’s CEO, Garrison Huang, said: “As Amazon has increased their footprint in Australia over the past 12 months, Harris Technology has enjoyed a fruitful partnership which has grown both our businesses. As the leading tech seller on the Amazon Australia marketplace, we have seen strong demand for IT and home office products which accelerated further through Prime Day.”
“The retail landscape has undergone an increasing preference towards online platforms, accelerated by the pandemic and very quick delivery times. Online marketplaces continue to grow as the convenient alternative to shopping centres, so we look forward to further growth alongside Amazon Australia which is emerging as one of the national destinations of choice for online shopping,” he added.
Despite today’s strong gain, the Harris Technology share price is down 40% since the start of the year.
The post Harris Technology (ASX:HT8) share price up 9% on Amazon Prime Day update appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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