Buy Kiwi's plea to support local businesses boosts NZ economy

In the midst of a retail downturn in New Zealand, Buy Kiwi, a 100 per cent Kiwi-owned online eCommerce marketplace, is urging its compatriots to support local businesses and circulate their hard-earned money within the country. Based in Auckland's Parnell, Buy Kiwi is exclusively backing New Zealand businesses; in the past year since its inception, it has registered over 500 home-grown companies, listing more than 40,000 products in the process.

Buy Kiwi is spearheaded by Scott Russell, who stated, "Buy Kiwi was funded by 'mum and dad shareholder' investors, all Kiwis who deeply care for the future of their nation. No other Kiwi-owned marketplace like Buy Kiwi exists in New Zealand. It helps you locate local service providers, assuring you of supporting a New Zealand owned business."

Despite a current recession, Buy Kiwi's market share is experiencing speedy growth, almost doubling each quarter. This growth comes despite a 1.8 per cent drop in retail spending, a climate unfavourable for many businesses to navigate due to dwindling consumer discretionary spending. Additionally, Buy Kiwi is striving to target 0.5 per cent of the fast-expanding online e-commerce market, estimated to be around $29m annually by 2027.

Russell expressed his frustration at how many online marketplaces may appear to be New Zealand-owned due to having a .co.nz web address, but are in fact foreign companies. He said, "Many Kiwis feel tricked when they order from a .co.nz website only to discover it is based or owned overseas. To provide transparency, all businesses registered with Buy Kiwi must be at least 80 per cent New Zealand owned."

The director went on to underscore the importance of shopping locally to maintain jobs within New Zealand and develop a thriving domestic community. Russell stated, "It's not about spending more, but consciously deciding where we spend our hard-earned dollars. If each Kiwi diverted $25 of their weekly spending from overseas companies to Kiwi-owned businesses, that's an additional $5bn a year that will stay in New Zealand."

Besides offering national exposure to businesses, registration with Buy Kiwi also provides the opportunity for them to solve the ubiquitous problem of lacking an online presence. Russell points out, "With Buy Kiwi, businesses attain a nationwide reach, larger customer base and create jobs. Moreover, by shopping with New Zealand businesses, customers' purchases are protected by New Zealand's Consumer Guarantees Act, a security that may not be available when making purchases from international vendors."

Casting a light on the shared responsibility of supporting the domestic economy, Russell ends on a hopeful note, "Shopping locally helps to keep jobs in New Zealand. It goes to show that together, every Kiwi can make a real difference, proving that every little bit counts." This outlook is affirmed by the significant strides made by Buy Kiwi in just a year since its launch, offering a silver lining in a challenging retail landscape.