Online marketplace, OnBuy has recently celebrated its 5th year in business.
CEO, Cas Paton says: “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.” commented Paton.
“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 has continued to grow at an exponential rate. Last year, lockdown doubled OnBuy’s sales overnight, as OnBuy sought to protect retailers from other marketplaces focusing specifically on ‘covid essentials’.
“Other marketplaces dedicated efforts to COVID related products, capitalising on the demand. Many retailers were struggling to get sales, and we gave them a new route to more customers. As a result, we grew our product count by millions, and ultimately gave our customers more choice, resulting in more sales, and finished the year with a stronger business.”
The result, OnBuy’s fourth year of trading finished on a high that they believed was going to be tough to follow. However, despite online retail sales dropping dramatically across the industry, OnBuy’s sales are continuing to soar, demonstrating its ability to drive additional revenue for retailers, and that OnBuy is increasingly meeting the needs of the customer.
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