What is TheMarket?
TheMarket is a brand new online shopping platform that was launched today by The Warehouse Group (TWG). It’s an online marketplace, similar to e-commerce sites like ASOS and The Iconic, but with an even wider range of products that includes clothes, toys, electronics, books, homewares, makeup, and designer goods. It currently has more than a million products from thousands of local and international brands such as Karen Walker, Stolen Girlfriends Club, Citta, Bobux, Adidas, SurfStitch, and Barkers.
Hang on, but The Warehouse already provides online shopping. How is this any different?
If you’re wondering about the lack of Warehouse red on the new site, it’s important to know that TheMarket is a Warehouse Group venture and operates as a separate entity from the Big Red Shed. The Warehouse Group is the largest retail group in New Zealand and consists of The Warehouse (duh), Warehouse Stationery, Noel Leeming, 1-Day.co.nz, and Torpedo7. TheMarket is simply TWG’s latest and most financially significant foray into the online retail market.
Another day, another website for online shopping… so why all the hubbub? Why are people making this such a big deal?
From a business perspective, this is a huge deal for TWG. The idea for TheMarket goes all the way back to 2016 when the group decided to enter the e-commerce space with a new digital venture. It then spent 14 months developing the platform, investing a cool $12 million to get it off the ground. Justus Wilde, chief executive of TheMarket, told the Herald that the group had “big ambitions” for the platform, anticipating it would contribute significantly to TWG’s earnings in the long term.
TheMarket is also a big deal for consumers. Not only is it massive in scale and size, but it’s the first viable local competitor to international heavyweights like ASOS, The Iconic, and of course – the biggest of them all – Amazon.
Is themarket Legit?
Is themarket legit? Assuming you didn’t misspell the domain name when you looked for it, this business has a medium trust rating. However, you have to consider a few other details. Let’s see what factors determined if this site is a scam or not.
Alright then, so what are some the perks of buying stuff from TheMarket?
Firstly: MarketPoint sites. These are locations within existing retail stores where you can go pick-up and return goods purchased from TheMarket, similar to what Amazon does with Amazon Hub or what ASOS does with its Click & Collect service. Currently, there are 30 MarketPoint sites but the company says it plans to expand to 300 nationwide.
Secondly: a ‘shop social’ section. In recognition of how integral platforms like Instagram have become for online retailers, TheMarket also has a section which aggregates social media content from the brands it represents and links to those products directly for purchase. Also worth mentioning is TheMarket’s ‘influencer registry’ which will apparently give influencers “direct access to collaboration opportunities” with brands.
Thirdly: a subscription service. Similar to Amazon Prime, TheMarket’s yet-to-launch subscription service will reportedly provide free shipping and returns on all orders. It will also offer ‘rewards’ for being active on the platform, but as of yet, details are few and far between.
Lastly: supporting local business. Not only is TheMarket itself a locally-owned business, but many of the brands it champions are also New Zealand-based. It’s also understood that TheMarket takes a much smaller commission from retailers so more of each sale goes back to the businesses themselves, and that’s great news for small, boutique outfits.
Speaking of shipping, how much will it cost?
Annoyingly enough, non-subscriber shipping costs will vary by each store. This is because TheMarket doesn’t actually hold any inventory, so each product has to be sent out individually by different stores. For example, a scarf from Citta will have a $5 shipping cost while delivery on a My Little Pony plush toy from Toyco will cost $6. A bomber jacket from BLAK, on the other hand, will ship for free.
How do prices on TheMarket compare to international marketplace retailers?
While there isn’t a huge amount of overlap between marketplaces, here are a few examples. Keep in mind that come October, the ‘Amazon tax’ will officially come into effect which means goods purchased from overseas will be subject to GST, just like all goods bought in New Zealand:
Books: A paperback version of Sally Rooney’s bestseller Normal People retails for $23.84 with free shipping on TheMarket, which sources most of its books from Australasian retailer The Nile. Meanwhile, Book Depository (which is owned by Amazon) sells the same book for just $13.84, also with free shipping.
Women’s clothing: On TheMarket, the ‘Cotton On Boyfriend Sherpa Trucker Denim Jacket’ is on sale for $74.99 with free shipping, while The Iconic sells theirs for $69.99 AUD (roughly $73.11 NZD) also with free shipping which it offers for all orders over $50.
Accessories: The ‘Inertia Watch’ by Status Anxiety retails for $209 on TheMarket, while The Iconic sells theirs for $179.95 AUD (roughly $188 NZD). Both include free shipping.
Movies & TV: Marvel’s Guardians of the Galaxy Vol. 2 on Blu-ray from The Warehouse costs $29, plus $5 for standard shipping. On Fishpond, the same item costs $29.46 but comes with free shipping.
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TheMarket Products
Dragon Stone Engine Crankcase Separating Tool – Heavy Duty
Online8 Harper Bunk Bed
Midea 8.0KG Front Load Washing Machine MFC80-JS1403B/C14E-AU(45)
Dragon Stone 90 Degree Carb Adjuster
FLY RACING 2021 F-16 JERSEY/PANTS – BLUE / BLACK XL/36 *FREE JERSEY*
Kinderkraft Comfort Up Carseat – Grey
Luigi Bormioli Set 4 Optica Champagne Coupe Glasses 300ml
Rains Long Jacket Blush
themarket: Jewelry
As themarket belongs to a somehow popular Jewelry niche, we tried to snap a short phrase from their website to see what they feature about themselves:
TheMarket is a New Zealand based online shopping destination for popular fashion, electronics, sports items and more from all of your favourite brands. We ship nationwide. Zip now, pay later.
While the sentence above may reveal what this website does, there is a chance its mandate may expand beyond that. Here is a themarket review, below.
themarket Review
The Scam Detector’s algorithm finds themarket having a medium-authoritative rank of 65.3. This rating means that the business could be classified as Known. Standard. Active..
Our Validator gave the rank based on 50 relevant factors. These include, but not limited to, a range of elements from the quality of the customer service to small red flags or third parties affecting the website (even when the owners are not aware). In this case, the Jewelry niche is irrelevant. As malicious attacks happen easier when the security of a website is weak.
Other factors we usually look at are the IP address, modern/old technology used for the website build, SSL certificate, and – most importantly – presence on blacklisted domains directories. You could see more technical details referring to themarket in the above box.
That includes its Alexa rank, phishing, spam and malware-related scores, as well as relativity/connection of themarket to suspicious sites.
Additional Information
It is always recommended to remember that even great businesses have complaints or unhappy customers – think of the type of people who give thumbs down to incredible YouTube videos. The same thing happens for everything that relates to this business and its Jewelry sector.
That said, we urge you to still careful when conducting business with themarket. This review and rank of the website created confidently based on the powerful factors. We have on hand, but attention to detail and common sense required.
For more information, you can check out how to stay safe online.
Is themarket a Scam? What Is Your Opinion?
How did you come across this website? Ads on Instagram or Facebook? Email blast? Is themarket a scam? We want to hearyou so that we can even improve this rating and help more people along the way. Share your experience with themarket by using the box below. Or leave a review/comment in the section at the bottom of this article.
If you are the owner of this site, don’t be afraid to reach out to us.
How To Report a Scammer
If you wonder how to report a scammer – whether it’s the same niche as themarket or not – we have the answer. You can officially do it by reaching out to the Federal Trade Commission and file a report. You can also submit the names of suspicious businesses in the comments section below.
Top 5 Ways To Spot a Scam Website [BONUS]
The Internet is blowing up with websites. Whether they’re about e-commerce, work from home, crypto, or news, watch the video below to see the 5 ways you can spot a fraudulent website in 2021:
Final Thoughts
Thanks to its MarketsX platform, Markets provides a decent balance of simplicity and functionality. That said, Markets research tools are respectable but still trail industry leaders. And while spreads have improved, Markets remains expensive, especially on its MetaTrader offering. All in all, Markets finished Best in Class across three categories in 2020. Including Ease of Use, Beginners, and Trust Score, which are key areas where it stands out against peers.
FAQ
How do I change my account details?
You may change your TheMarket account details at any time via your User Account page.
– Whilst logged in, from TheMarket homepage select your name in the top right-hand corner of the page
– On the User Account page, you may change your display name, email, mobile phone number or password.
You may may also add and remove your saved credit card details at any time.
Cancelling TheMarket Club membership?
You can end your Market Club membership at any time by selecting. The Cancel TheMarket Club button on the User Account page of your TheMarket account.
– While logged in, select your name in the top right-hand corner of the homepage
– On the User account page, select Cancel TheMarket Club button
Can I exchange my items?
We do not currently offer exchanges, however you are welcome to return your items as per the guidelines in our Returns Policy.
What if I’m already a member of TheMarket Club?
f you’re already a member of Monthly or Annual TheMarket Club. Your membership will become a MarketClub+ subscription when you confirm your agreement to the new terms and conditions and privacy policy when you next make a purchase on TheMarket. You’ll continue to enjoy all of your existing and new benefits, and your monthly or annual payments will continue as usual.
Why do I need to agree to new terms and conditions and privacy policy?
This is because MarketClub now a membership programme run by The Warehouse Limited on behalf of participating retail brands that operate under The Warehouse Group Limited, including TheMarket.
