OnBuy has been named as one of the country’s fastest-growing tech companies, officially recognised by one of the country’s leading technology awards programmes, the UK Technology Fast 50 2022, Deloitte’s prestigious ranking of the UK’s fastest-growing tech companies. The marketplace ranked 11th overall, with a huge 3402%, based on revenue growth over the last four years, and also secured top spot for the South West region.
The accolade places the business alongside fellow 2022 nominees Nonacus, Wonde and tripledot, while previous award winners include runaway success stories Skyscanner, Just Eat, Deliveroo and Revolut.
Selling on OnBuy
OnBuy is now the home to 17,000 retailers, offering shoppers the choice of a whopping 42 million products on the marketplace.
It’s the wrong time of year to think about signing up to new retail channels – starting to sell on OnBuy now is for the brave of heart as we’re already in Black Friday week, but January 1st should be marked in your diary if you’re not already selling on OnBuy to maximise success in 2023. We’ve written extensively about OnBuy growth in the past and the UK Technology Fast 50 2022 listing demonstrates robust acknowledgement of their success.
UK Technology Fast 50 benchmark of success
For OnBuy, the inclusion in the UK Technology Fast 50 represents a legitimate benchmark of success, which will result in enhanced brand and customer recognition, as well as all-important visibility with potential investors – a key driver for the brand in 2023.
As the business continues its rapid scaling-up process, recognition on the level of the UK Technology Fast 50 also positively influences employee recruiting, retention, and morale, according to the experts.
When I launched OnBuy six years ago, I was told time and time again by industry ‘experts’ that taking on the likes of Amazon was a ‘losing battle’ and ‘impossible’. While these comments, from people who were ‘in the know’ at the time, gave me pause for thought, I was always steadfast in my belief that there was room for an online marketplace that does things differently. We were told a UK marketplace would never be able to compete with the big hitters, but now look – we have done the ‘impossible’.
– Cas Paton, CEO, OnBuy
The exceptional growth of this year’s Fast 50 is a marker of the ongoing strength and resilience of the UK’s technology industry, which continues to thrive despite considerable headwinds.
The 50 fastest growing UK technology companies, as ranked by Deloitte, generated around £992mn in total annual revenues in the year 2021/22 and employed more than 16,300 people.
– Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme
OnBuy sets itself apart from competitor brands by refusing to compete with onsite sellers, in contrast to the likes of Amazon.
The approach adopted and executed by Cas and his 150-strong team is redefining the face of the industry for good – and for the better – while simultaneously revolutionising consumers’ perception of ecommerce and how it’s done.
OnBuy is a fair, transparent, open marketplace with zero inventory. We are a partner to retailers and we have no conflicting practices or any concerns over what is selling, other than supporting our retailers.
While we champion retailers, we’re also invested in providing consumers with the best products at decent, fair and honest price points. We don’t rig the system to benefit specific sellers and the site is set up to ensure buyers get visibility of the best deals.
We’re the first UK company to really show that there is a place for a non-inventory general marketplace in the UK. That’s enabled us to grow at a rapid rate – doing what others haven’t been able to do.
– Cas Paton, CEO, OnBuy
Following a successful period for the business, marked by today’s inclusion in the Fast 50, OnBuy forecasts continued growth over the next two years, with an ever-increasing market share.
And while the UK-born company exclusively operates on home soil currently, Cas and his team are aiming to expand overseas in the very near future – a signal of the firm’s intent and ambition to mix with the industry’s heaviest hitters.
While we know there is room for multiple online marketplaces, our incredible growth since launching, particularly over the past two years, has put us hot on the tails of the likes of Amazon and eBay.
We see what enormous multinationals like that have done right, but also what they have done wrong, and we’re using that knowledge to drive OnBuy forward in a new and innovative way.
– – Cas Paton, CEO, OnBuy
