UK operated online marketplace OnBuy has reported a rise of 224 per cent in its annual revenues following an 80 per cent increase in its roster of merchants. Over the past year, the business has strengthened its management team and invested in its search function, as well as reinforced its stance of never competing with its merchants.
“We understand how many challenges retailers face, especially considering how other marketplaces directly compete with them, often ‘search rigging’ to prioritise the promotion of their own products. We don’t sell our own products and are here to exclusively support retailers, not go head-to-head with them. With OnBuy offering a ‘paradox of choice, product discovery is crucial, and our new search developments help to surface more relevant products from thousands of UK retailers. As such, more products get found, and more products get bought,” said Cas Paton Founder & CEO.
OnBuy merchants generated a 71 per cent rise in live product listings on the marketplace bringing the total number of products available to 36 million. Average order value had increased to almost £50 with two million new customers attracted to the site.
OnBuy’s chief commercial officer added: “This year has really seen OnBuy grow its network of retailers and brands to an impressive level, with quality and trust remaining at the heart of the business. We can attribute a lot of this growth to our commitment to providing a fairer ecosystem for everyone who uses our platform – whether sellers or buyers – as unlike some other marketplaces, we don’t sell our own products and compete against our sellers.”
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