OnBuy Marks 7th Birthday With New Investment, International Expansion Plans

Liz Morton
Liz Morton


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UK marketplace OnBuy recently celebrated their 7th anniversary with CEO Cas Paton revealing some big news about a new investor and plans to expand internationally in 2024.

Paton made the announcement about OnBuy's first profitable month and future plans in a post on LinkedIn.

VERY PLEASED to share that OnBuy had its first ever profitable month in October, and we are forecasting a profitable quarter!

What is next?

  • We've closed a strategic investment from a NASDAQ-listed global tech player. Now, we're inviting our existing shareholders to invest in the next part of the journey

  • We exploring the opportunity of opening a small round for external investors, sellers, customers to partake through crowdfunding

  • We're going to open up our first country sites in 2024, which is very exciting - and we expect significant additional growth (more on this soon!)

  • We will invest in our technology and scaling, setting our sights very firmly on the next big goals

  • We plan to scale up the UK, driving more customers, sellers, product and sales, growing the business to new heights

This year has been a complete transformation for OnBuy, we are in the strongest position we have ever been in - and now we will begin the "scale out" to get the marketplace truly thriving!

A huge thank you to all of our investors, sellers, customers! We are truly disrupting the ecommerce market and we couldn't, without you!

And extra special thank you to Fuel Ventures 🚀 who supported us over the past four years, with unwavering belief in the vision and myself.

OnBuy has been ranked as Europe’s fastest-growing e-commerce business by The Financial Times and has several major product releases this year, including improvements to payments as well as a cashback program with 1% guaranteed on all items and extra rewards for its most loyal customers.

OnBuy Launches Cashback Loyalty Program
OnBuy’s new cashback program is here, with 1% guaranteed & extra rewards for its most loyal customers.

They've also recently introduced a seller referral program that allows affiliates to earn 10% of OnBuy's revenue share for a year.

OnBuy Introduces Seller Referral Program
UK marketplace OnBuy introduces seller referral program allowing affiliates to earn 10% of OnBuy’s rev share for a year.

Paton says the business is in the strongest position they have ever been in, adding:

Taking OnBuy international has always been an important part of our roadmap, but due to factors beyond our control such as Brexit, COVID and more positively, significant UK growth, we chose to put our plans on hold until we could ensure success.

To secure investment in the current climate pays great testament to all the hard work that the OnBuy team has put into realising our strategy. To be able to present the results and breadth of opportunity that inspires investor confidence at this point in time is a real achievement.


Do you buy or sell on OnBuy? We'd love to hear about your experiences with this growing marketplace - drop a comment below or contact VAR!

OnBuy

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Liz Morton is a 17 year ecommerce pro turned indie investigative journalist providing ad-free deep dives on eBay, Amazon, Etsy & more, championing sellers & advocating for corporate accountability.


Recent Comments
Avatar Placeholderfoxxresell1 hour ago
An update to this situation - Today I will return to Above Average but this last month cost me a 91.8% reduction in impressions, 53.8% drop in listing page views, and 78% drop in revenue as well as paying an additional 6% final value fee on the sales I made. I was fortunate I had some higher value items sell this last week or my revenue numbers would have been well into the 80%.

eBay has responded to my BBB complaint twice. The first time they told me that I deserved below standard because my shipping scans were below the threshold. However, I had to quote their own website to them saying that shipping numbers cannot lead to downgrade to Below Standard.

The second response they just said I would be restored on May 20th completely ignoring the issue at hand, admitting an issue existed, or offering any type of solution.

If this concerns you, this happened to you, or worried it may happen, please take action. In fact, take action anytime eBay is doing somethning wrong. They will change nothing if you don't say anything. If enough people speak up, they do make changes.
Avatar Placeholderfoxxresell2 hours ago
The entire process needs to be overhauled. The numbers that make up their threshold seem to be arbitrary and it does not take a lot to get downgraded. I sell hundreds of items a month but only 3 defects will cause a downgrade. Then, it takes up to a week to get a defect removed from the time you submit an appeal, sometimes have to argue your case, them granting it, and then another two days for the system to catch up. It is beyond ridiculous.

Promoted Listings has changed the game and removing the ability for someone to promote not only cost eBay the revenue, it makes a persons listings invisible. Today is my last day Below Standard and I will finish with 91.8% reduction in impressions, 53.8% drop in listing page views, and 78% drop in revenue.

Your fortunate to get the negative feedback removed. I just had to escalate to the customer service team getting a couple removed where the customer did not read the listing and one complained a part was not included that wasn't being sold and the other didn't read that the vacuum had an issue requiring repair. My appeals were denied without explanation. I have not had them remove feedback since they changed the process over a year ago. I have to escalate to social media and they fight me on it every time.

Most importantly - please take action. Submit feedback on their website, contact the social media team on Facebook, or however you prefer. These issues will remain if we just stay quiet. I let this go before, not this time. Today I will return to Above Average but I am fighting this until something changes.
AvatarLiz Morton7 hours ago
@ConcernedExEbayer I haven't heard of anyone being banned for disabling AI data collection, but definitely interested if you have more details!

https://www.valueaddedresource.net/contact/