Kogan.com Ltd's stock fell sharply by 5.03% during intraday trading on Thursday, as a new report highlighted competitive pressures from global e-commerce giants.

The '2026 Marketplace Consumer Report' from Pattern indicates that Kogan, Australia's last remaining dedicated local marketplace, is losing ground to international players like Amazon, Temu, and Shein. Only 15% of consumers now shop on Kogan's platform, a 6% year-on-year decline, while global platforms are gaining market share through scale, logistics sophistication, and ecosystem advantages.

This structural shift in the marketplace sector raises concerns about Kogan's ability to maintain competitiveness and growth, potentially impacting its financial performance and investor sentiment.