Happy Fifth Birthday celebrations for OnBuy with 224% annual growth
Online marketplace OnBuy celebrated its fifth birthday this week, which was marked by an impressive 224% annual growth in revenue.
In addition to this, the eCommerce platform reported an 80% increase in retailers on the marketplace, with over 10,000 selling through the site.
There was also a 71% increase in live product listings, with more than 36 million products now available to buy on the website.
Commenting on the record-breaking year for the eCommerce company, founder Cas Paton commented: “We’ve come so far in such a short period of time. Five years ago, we opened OnBuy for retailers and customers, and we had none of either. We knew it would be hard going to get the business moving, but marketplaces are incredibly difficult to start gaining traction, as you open your doors with nothing to sell, and no traffic to offer the retailers, in order to incentivise them to sell.”
“Looking back to when I first started planning the business, I was warned against starting OnBuy from the very beginning. Investors in the venture capital world all thought it was impossible, starting out in an industry sector dominated by goliath brands.
“But I look back now and pinch myself. Beyond sales and reach, we’ve expanded our team 10x, with over 100 roles still to be filled! We’ve grown an impressive network of over 10,000 retailers and trusted brands, offering over 36 million products, providing the very best in choice for our customers,” Paton added.
OnBuy achieved record figures in growth in its first three years and since then, has continued to grow at an exponential rate.
“It’s been five years of hard work – which has seen good times and challenges. I wouldn’t be here if it weren’t for my motivated team and we’re all excited to continue on this journey together. Now it’s on to the exciting future, and we have huge plans that are already in motion,” Paton concluded.