OnBuy growth has been impressive, fast and is now starting to accelerate exponentially from their modest beginnings reporting hitting £12m GMV run rate with expectations of growing this to £150m GMV over the next three years by 2022.
Latest OnBuy growth figures released by the marketplace reveal 10.5 times revenue growth between May 2018 and May 2019 with year-to-date sales 13 times higher in April 2019.
All metrics are on the rise with a 600% OnBuy growth in users year-on-year in April 2019, 16m products listed on the site from 3,000 active sellers. OnBuy are now reaching 1m+ monthly users with an average of 24 seller signups to the platform each day.
Naturally, for any marketplace to be taken seriously they have to make it easy to get paid, list and ship, which is why OnBuy have partnered with industry stalwarts including PayPal, ChannelAdvisor, Royal Mail Click & Drop and more. Future plans include integration with external partners to deliver innovative services, expanding the geographical reach of the platform, and increasing sales for sellers using on and offline marketing.
OnBuy were founded on the premise that they do not sell their own products or compete with sellers and they say that they are pursuing innovative data and SEO techniques to boost success for the businesses which use the platform. OnBuy also has plans to build profiles on the brands featured on the site and improve their catalogue system for an enhanced user experience, as well as launch a mobile app to expand the platform’s reach across mobile shoppers.
If you’ve not yet tried OnBuy as a selling platform, you can sign up here.
“Since launching in 2016, OnBuy has seen phenomenal growth. We are changing how the world looks at commerce.
Over the next three years, we expect our strategic growth plans to help us become a global top 10 marketplace. With our current growth rate at 9x per annum, we fully expect OnBuy to exceed £150m GMV in the next three years.
Our principles of being fair with sellers, so that sellers can offer more for buyers, have proven successful. We have found a gap in the market for online retailers by offering a fair and professional platform that does not compete with its sellers.
Alongside a strategic marketing plan to expand reach and drive revenue, we want to harness and explore new growth opportunities. Within our plans sits the launch of an OnBuy Fulfilment Network, allowing partner companies to connect with us to create the most powerful fulfilment opportunity in the UK.
Operating the business more efficiently than our competitors has enabled us to grow so significantly with previous funding and to forecast profit with such modest investment this time around. We are so excited to progress OnBuy to the next level and are actively looking for investors to join us on this journey.”
– Cas Paton, founder and MD, OnBuy.com
The next stage in the OnBuy journey is to raise a further £500,000 funding round.