OnBuy reports 800% sales growth in January
27th January 2021
OnBuy.com has reported 800% year on year growth so far in January, beating its figures for last year in the first three days of the year. This growth announcement comes as founder and CEO, Cas Paton, prepares to launch OnBuy’s Series B funding round.
In 2020 OnBuy is reported to have achieved 605% year to date growth.
Last year OnBuy saw sales climbing from £24 million to over £200 million and monthly users reaching just under 7 million. The online marketplace puts its success down to its Q4 marketing campaign designed to further support its independent retailers by increasing brand awareness and engagement, which resulted in OnBuy’s Trustpilot review count seeing an increase by 680% from 2019 to 2020. Now standing at over 20,000 reviews, the company has maintained its 4.6/5 rating.
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Government restrictions coupled with customer caution witnessed 2020 truly become a year for online shopping, as consumers made the shift on an immense, global scale. As consumers grow increasingly comfortable with the digital high street, that trend is set only to continue further.
But, suggests OnBuy founder, Cas Paton, that doesn’t mean independent retailers need to be left behind. The UK retail entrepreneur talks us through why building an online operation has become crucial for survival.
The switch to online shopping since COVID-19 began has been immense on a global scale. Government restrictions, together with consumer caution, accelerated the online shift and impacted in-store selling for many retailers. With a third lockdown now in place, this is set to continue into 2021.
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AN ONLINE marketplace run from Poole has its sights set on becoming a business “unicorn” after announcing 605 per cent growth in the year to date. OnBuy was set up as an alternative to sites such as Amazon Marketplace and is valued at an estimated £180million, or 240m US dollars, after four years. It is aiming to be declared a unicorn – a privately held start-up worth more than a billion US dollars – within two years. Founder and chief executive Cas Paton was named Founder of the Year 2020 by online publication Just Entrepreneurs this month. He said: “Securing unicorn status is not an easy feat, but our success so far proves it’s well within our grasp. In January 2020, our business was valued at £6.5m (9m dollars), but by March, OnBuy was valued at £14m (18m dollars).
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The online marketplace, OnBuy.com is edging ever closer to achieving unicorn status as the UK’s ‘answer to eBay and Amazon’ reveals a 605 per cent year to date growth to round off “a list of incredible 2020 successes” for the business.
OnBuy has made no secret of its mission to revolutionise the eCommerce sector by providing online sellers with an alternative to the current market behemoths. The firm now has its sights on reaching unicorn status, one which is awarded to privately held start-ups valued at over $1 billion, within the next two years.
The business is already valued at an estimated £180 million after launching only four years ago, having achieved its third consecutive year of over 600 per cent growth in 2020.