Telstra has revealed that it is investing in Australian online e-commerce platform Neto.
Telstra Business group managing director Will Irving said the investment is a logical fit for Telstra as the technology needs of business customers change with the digital revolution in retail.
Launched in 2011 and based in Brisbane, Neto provides a cloud-based e-commerce solution that allows small to medium-sized retailers and wholesalers to quickly establish an end-to-end online store.
Customers include The Spotlight Group, Anaconda, Drizabone and Edible Blooms. It also has a strong relationship and integration with eBay with majority of Neto customers also having a presence on eBay.
Irving said the technology needs of business customers change with the digital revolution in retail.
“We estimate that by 2020, 82% of SMEs will have a web presence, rising from 58% today,” he said. “The role of e-commerce will only become more important in the competitive retail environment.”
Neto founder and director Ryan Murtagh, said Telstra’s investment will allow them to expand at a faster rate and help Australian retailers compete on a global scale.
“There is still so much growth to occur though, especially in the Australian market, and the investment to be made by Telstra will give us the scale and scope to maximise our growth,” he said.