£30m OnBuy Winter Price Crash slashes seller fees 50% on Boxing Day

£30 million OnBuy Winter Price Crash slashes seller fees 50% on Boxing Day

OnBuy is stepping in to support retailers as new COVID-19 restrictions close non-essential retail to millions of sale shoppers. Continues their pledge of offer unwavering support to independent retailers they are cutting fees by 50% for the OnBuy Winter Price Crash starting on Boxing Day – an initiative unique to the marketplace.

The OnBuy Winter Price Crash will see a total of £30 million in prices dropped across every single one of the products on the site. Rather than pressure sellers into cutting their own prices, OnBuy is halving its seller fees for the OnBuy Winter Price Crash, letting online businesses enjoy an uptick in customers while the marketplace itself soaks up the cost. OnBuy is the only online marketplace that approaches its sales events in this way.

“After such a challenging year for retailers, we’re determined to continue with our pledge to support our sellers.

OnBuy’s mission is to be a fair, ethical and transparent marketplace, so we’re dedicated to helping sellers maximise their profits with the huge opportunity presented by the Boxing Day sales. By cutting our sales fees in half, customers can secure products at great prices without impacting sellers’ profit margins – and smaller sellers can grab a greater share of the retail sales normally dominated by the big players.”
– Cas Paton, founder and CEO, OnBuy

The OnBuy Winter Price Crash comes on the heels of the marketplace’s successful Black Friday event, where OnBuy also slashed its fees. The event saw OnBuy total nearly £2.5 million in sales on one day alone, with some sellers experiencing a 500% uplift in sales as a result of the price drop.

“We’re much more than a marketplace – we provide an opportunity for retailers of all sizes to succeed. We’ve chosen to discount our sales fees to show our sellers just how committed we are to driving their success.”

Unlike other platforms, where sellers are pushed to lower their prices, we cover the costs instead. Independent retailers need all the profit they can get, especially this year. OnBuy is challenging the status quo, which is why we put our hands in our own pockets to help our sellers benefit hugely from these key sales surges.”
– Cas Paton, founder and CEO, OnBuy

The OnBuy Winter Price Crash comes shortly after the fast growing marketplace announced 870% YoY sales growth from November 2019 to November 2020, the latest in a list of incredible 2020 successes for the company.

To accommodate its rapid growth, OnBuy has quadrupled its workforce to over 60 full-time staff members. OnBuy has also just announced plans to expand its offices into Manchester in the new year, creating more than 100 jobs over the next two years to accommodate their worldwide expansion.

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Finally, a respectable marketplace that is starting to gain traction. Let's hope they stick to their ethos and morals as they grow and expand, and don't fall to the corporate powers greed.

ELvis • 24th December 2020 •