UK online marketplace OnBuy.com has been named a winner in the Deloitte Technology Fast 50, making this the third consecutive year that the brand has been recognised. This year the tech company, based in Bournemouth, ranked 11th overall, as well as securing the title of Fastest-Growing Tech business in the Southwest.
Rankings are based on average percentage growth over four years, with OnBuy achieving an impressive 3263% growth since 2019.
For OnBuy, the inclusion represents a consistent benchmark of success, which clearly demonstrates to sellers, customers and potential investors that the brand is thriving and here to stay. We’ve said it many times, but there is still plenty of latent opportunity on OnBuy. Whilst their growth to date is an amazing achievement, there are still plenty of searches that come up with a null search results or goods which haven’t been recently repriced and so are expensive. For retailers that want to take advantage there is still opportunity to dominate categories in a way that’s no longer possible on the largest marketplaces.
This is an incredible achievement for me and the OnBuy team. We’ve dedicated so much time, energy and passion into transforming OnBuy from a vision to a marketplace that provides a fairer choice for sellers and a better place to shop for consumers. By rewarding our customers and finding new ways to add value to their shopping experience, we’re continuing to grow from strength to strength.
When we launched OnBuy, I came up against a lot of industry nay-sayers who felt it was unviable due to the level of competition in the market from the likes of Amazon and other global giants. But sellers and customers are ready for change and, if anything, we launched at exactly the right time, proven by our outstanding and consistent growth.
To feature in these prestigious awards for three consecutive years just shows the appetite for a marketplace that does things differently and proves to those who doubted us in the early years that OnBuy has truly landed and is only going to keep getting bigger and better.
– Cas Paton, CEO and founder, OnBuy
OnBuy sets itself apart from competitor brands by refusing to compete with onsite sellers, offering competitive fees and hands-on support that allows retailers to flourish. It has also taken a unique approach to rewarding its customers, shunning traditional loyalty schemes with the introduction of its industry-first Cashback model, which allows consumers to earn instant Cashback on everything they buy.
OnBuy Cashback puts the control firmly in the hands of the customer and can be redeemed instantly against their next order, saved, or withdrawn to their bank account after 30 days, providing they have a balance of £5 or more.
The Deloitte win comes hot on the heels of OnBuy’s recent announcement that it will begin the first phase of its international roll-out following strategic investment from a NASDAQ-listed global tech firm.
This year has been a complete transformation for OnBuy. We achieved our first ever profitable month in October and we’re confidently forecasting a profitable quarter, which is huge. We’re in the strongest position we have ever been in, which has allowed us to secure strategic investment from new and existing parties that will help us to ‘scale out’ at pace. We’re also exploring the possibility of opening a small round for external investors, our sellers and customers via crowdfunding.
We’re setting our sights firmly on the next big goals; driving our UK business to new heights by investing in our technology and scaling. We also expect to generate significant additional growth as we plan to launch our first overseas websites in 2024, which is very exciting!
This win pays great testament to all the hard work that the OnBuy team has put into realising our strategy as we begin the next stage in our journey. We are truly disrupting the industry, and I’m grateful to every investor, seller and customer who has supported us over the past few years with unwavering belief in OnBuy’s vision.
– Cas Paton, CEO and founder, OnBuy
3 Responses
from another site.
“OnBuy marked its first ever profitable month in October and is also forecasting a profitable quarter.”
Lets be clear here, OnBuy launched in 2016, and its never made a profit before last month, its a joke.
Turnover is vanity, profit is sanity,
How many years (decades!) were Amazon loss making before they broke even and turned a profit?
Founded in 1994 and first made a yearly profit in 2003, so, less than a decade.
Interestingly companies house shows that the company behind OnBuy was actually started in 2014, so it’s also taken 9 years to make a profit.
Looks like that’s another way they try to copy Amazon.