OnBuy cross border marketplace expansion has just been announced with 40 country sites slated to open by the end of this year. The longer term goal is a worldwide scale-up launching in over 140 countries by 2023. Sites expected to open early include Ireland, United States, Canada, Australia, New Zealand, Hong Kong, Singapore, and the United Arab Emirates – we’ll let you know launch dates as soon as they are available.
OnBuy cross border marketplace expansion aims
The aim of their global expansion is forecast to drive 50x growth within four years – making OnBuy a truly global marketplace and their base to start this is a combination of 525 million products, robust global partnerships and an efficient infrastructure. Their set up, they say, allows for rapid scaling into multiple territories on a completely tailored platform with local currency payment enabled – bucking the trend set by other major ecommerce platforms.
OnBuy recent Growth
OnBuy have already accelerated rapidly over the past four years in the UK by connecting buyers with sellers in a safe and secure manner – plus, by never competing with its own sellers, sets a precedent for combining best value for shoppers with the opportunity for sellers to maximise opportunity and profit. This growth now has their traffic roughly in the same ball park as Notonthehighstreet – a respected gift finder marketplace… but they launched in 2006 a full decade before OnBuy opened for business. That’s a phenomenal achievement in anyone’s book.
Unlike other online retail operations, which have to build up product ranges from scratch in each new country they launch into, OnBuy’s immense product offering can be implemented almost instantly – with an array of global retailers eager to add their product ranges.
With these factors fuelling its globalisation, the thriving online marketplace stands in an incredibly strong position for further exponential growth. The company recently announced 24,000% growth in just 4 years, with a reported 600% revenue growth year-on-year for the second year running.
OnBuy cross border marketplace expansion strategy
Targeting territories that other marketplaces have been unable to reach is a conscious focal point of the globalisation strategy. OnBuy’s differentiated model of low, competitive seller fees, and promising never to hold stock to compete with its merchants, has proven a resounding success. In addition, OnBuy’s agile business model and low overheads driven by minimal premises costs allows the business to adapt, evolve and thrive, in response to evolving opportunities and the needs of both customers and sellers.
“OnBuy’s aggressive growth strategy is unlike anything the ecommerce world has ever seen. We have around 25 million live products in the UK, with 525 million products ready to roll out internationally. The scope of this scale-up is immense, and we aim to double our product numbers in the first 12 months. Our ability to scale in the UK, which is known to be one of the toughest ecommerce markets on the planet, has given us the infrastructure and business model that combined, go a long way to supporting us to scale internationally.”
OnBuy is the marketplace of the present and of the future. Our move into global territories starting in November and continuing over the next 18 months is seen as the delivery of our global marketplace solution – a move that will establish OnBuy as a first-of-its-kind global player. We’ve worked very hard to create the world’s first global marketplace.
Having rapidly overtaken our closest competitors, proving conclusively that the appetite exists worldwide for a transparent and ethical marketplace, we will welcome the planet to a better, fairer and more ethical ecommerce ecosystem, and support retailers all over the world in selling through the world’s first true global marketplace.
We’re not just about big brands and big business: the core value of our business model is to support businesses of all sizes – and we support small UK businesses to help make them visible to a wider audience. This value resonates globally: as the world becomes dominated by large players, we plan to make the world’s retailers more accessible and more visible. Ultimately, we plan to offer consumers more choice, convenience and confidence in buying from any retailer, giving the customer peace of mind through OnBuy guarantees and protections.”
– Cas Paton, founder and CEO, OnBuy
Take advantage of OnBuy cross border marketplace expansion
This globalisation, along with its aggressive UK Q4 marketing strategy that includes a £1m ITV campaign are just a few of the reasons you should consider selling on OnBuy. You can sign up here or read more about how easy it is to sell on OnBuy here.
7 Responses
I have experienced excessive losses sending parcels overseas recently, so much so that I have closed all my international eBay accounts reducing my eBay listing count by around 80%. I have tried many different shipping options, but still the losses come – even Royal Mail’s Tracked and Signed fails on a regular basis, with eBay forcing refunds and then the parcel arriving 6 or more weeks late. You may as well chuck untracked parcels in the bin.
I am now shipping Internationally only through eBay’s Global Shipping Program, which appears to be resilient.
So my question for OnBuy is: Have you plans to operate a system similar to eBay’s Shipping Program for the anticipated high volumes of international sales?
We expanded from eBay with a sample of products onto the OnBuy platform, as we see our competitors setting up on OnBuy. Sales are picking up steadily. I wouldn’t call them fantastic, but its enough to convince us to go all in with all our product range. When we first put items on via CSV, support were pretty quick adding them, now its taking 2 to 3 days, due to very high demand, so it’s clear this platform is starting to go places. I’d rather be one of the first people on, than be at the back of the queue.
Gav you can add items on manually, very easy to do