The SimilarWeb report of 2020 recognised OnBuy.com as the fastest-growing business in the UK. OnBuy, founded by Cas Paton, has reported 24,000% growth in the past four years as it prepares to embark on a journey to launch into over 140 countries by 2023. For any business operating in the eCommerce industry, OnBuy offers not just a tremendous potential for growth but also a simple process to scale up. Rather than merging all of its sellers on a single platform, OnBuy will launch country-specific websites that make the platform less competitive for sellers and easy to browse for buyers.
Even though sellers can sell their products worldwide, OnBuy intends to launch 42 country-specific websites by the end of 2020, with over 140 country websites in total planned for the end of 2023. In July 2020, the company secured venture capital investment to help its expansion in 42 countries including the USA, Canada, and the UAE. This means that the platform matches buyers with sellers more efficiently. This efficiency results in decreasing the amount of time buyers have to spend to find a product and offers sellers running marketing campaigns a better ROI. The distinct and unique approach OnBuy takes is getting recognition. The company won the Retail Without Borders Marketplace Award in 2020 and the UK Business Tech awards eCommerce Company of the Year award 2020.
OnBuy’s stated aim was to become a platform that offered greater transparency between the buyers and the sellers. One of the ways the company has been able to achieve that is by not competing with the sellers on its own platform. OnBuy does not own any of the inventory that is sold on the platform. Such an approach means that sellers only compete amongst themselves and OnBuy cannot suppress their listings in order to sell its own products. The business model is set in such a way that OnBuy’s success directly impacts the success of the sellers that sell through its platform.
There are no fees to list products on OnBuy. Sellers pay a monthly subscription fee and commission on every sale made on the website. For sellers looking to scale, OnBuy has a marketing system called ‘Boost’, which gives sellers the option to run additional marketing on their products on a cost-per-acquisition basis. It comes with an option to increase or decrease the advertising spend to control the extent to which OnBuy will promote their products across and beyond its website. It offers an incredible tool for businesses looking to scale their business and at the same time, gives them the tools to control the pace of their growth.
To streamline the payment process and security, OnBuy partnered with PayPal in 2018. It uses PayPal’s state-of-the-art payment services to give buyers and sellers the assurance they need to safely purchase and sell products on the website. OnBuy is the only UK marketplace where sellers get paid immediately upon item dispatch. Through PayPal’s international currency conversion systems, OnBuy has simplified the process of secure cross-border transactions. As it adds new tools each day to its platforms to link up buyers with sellers on its platform, OnBuy offers an excellent way for businesses to increase their sales as their stores remain shut during this pandemic.
(Syndicated press content is neither written, edited or endorsed by ED Times)
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