The online marketplace, OnBuy has revealed record growth figures of 24,000 per cent GMV growth for the end of this fiscal year. The firm has landed the impressive result just four years after first launching onto the scene. The latest figures cement OnBuy’s strong market position.
The marketplace also announced 600 per cent revenue growth in 2020 for the second consecutive year – despite a worldwide slowdown in economic growth – which follows a 500 per cent increase from 2017 to 2018, further solidifying the company’s position as a major player in the marketplace sector.
To accommodate this exponential growth, OnBuy has tripled its workforce to over 50 full-time staff.
The company is optimistic that its growth is set to continue well beyond this as it enters Q4 with a strong marketing strategy and prepares for the first phase of its global launch into over 140 countries.
Having already amassed over 8 million customers, more than 25 million products, 4 million plus monthly visitors and upwards of 400 new retailers every month, the online marketplace has an aggressive marketing ramp up planned across multiple channels and a range of promotions to drive customer awareness and engagement.
The announcement of the growth comes shortly after OnBuy closed a £5m Series A funding round. The round was raised from Fuel Ventures, a leading London-based venture capital firm, alongside experienced investors including Nathalie Gaveau, the co-founder of Priceminister, a premium French marketplace acquired by Rakuten.
The investment will power OnBuy’s global launch, putting it on track to become the world’s first truly global marketplace.
OnBuy’s founder and CEO, Cas Paton, said: “These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an eCommerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online.
“We’ve evidently found the right formula for success: we’re already running at £120m in sales and we haven’t even launched globally yet. Ahead of our phased launch into over 140 countries, where we’ll have the widest reach of any online marketplace, we’re investing heavily in the UK site with a massive Q4 planned.
“We expect to 5x our millions-strong audience this year, which will further accelerate our 24,000% growth. We’re projecting a turnover of £2 billion in sales by 2024, and we’re set to claim three to five per cent of the £84bn UK eCommerce market in the next three years.”