OnBuy 2022 In Review: A BIG Year, With Even Bigger Things To Come!
2023 is in full swing already, but before we look towards an exciting year to come - and trust us, it’s going to be our most exciting yet! - we wanted to take a moment to reflect on the past 12 months, and all the big things that happened at OnBuy!
Let’s take a look at some of our 2022 highlights:
The grand opening of our new OnBuy HQ
Following an incredible period of growth, we kicked off the year with the grand opening of our new, four-storey office space in the heart of Bournemouth.
We’re no stranger to doing things differently, so at a time when many others were downsizing in favour of working from home, we chose to invest in a hub where our team - both hybrid and remote - could come together to think, do and thrive. We also chose not to invest in the ‘London bubble’, but to stay in the area that had supported our growth so far.
With plenty of desk space, various break out areas and a spacious roof terrace with stunning sea views, it’s pretty safe to say we’re very happy in our new home!
Huge improvements to the shopping and selling experience
We’ve invested millions of pounds in adding new features and functions to our site, to improve both the customer and seller experience:
Launching guest checkout
Checkout optimisation is a critical part of our customers’ purchase funnel. Once buyers decide they want to buy from us, we want to make their experience as easy, fast and convenient as possible - and that’s where guest checkout comes in!
Guest checkout offers a quick and easy way for new customers to make a purchase without the need to create an account. It’s a simple idea, but with big results - early tests have already shown a significant decrease in checkout abandonment, meaning more sales and greater revenue for our sellers!
Making our emails even better
Our integration with global marketing company, Epsilon, meant that we could start offering customers a more unique and tailored experience in their inbox. By using data to make smarter marketing decisions, we can make sure we’re putting the right messages in front of the right audiences, at the right time.
Having completely outgrown our previous system, this integration marked a huge step in our roadmap to becoming a trusted destination for all consumers, continuing to offer them a superior user experience at no extra cost.
More choice from the brands you love
With thousands of trusted sellers and over 36 million products, OnBuy is the place to go for pretty much anything you can imagine - from the ordinary to the extraordinary! But we’re not done yet!
To bring customers even more choice from the names they love, we welcomed loads of new brands to our site in 2022, including:
Putting the right products in front of the right people is a critical part of the buying process, and to do that, we made some big improvements to our search function!
To make our search smarter and more streamlined, we started using dynamic re-ranking. This is an AI feature that uses machine learning, click data and intent data from past users to make our search results more relevant and effective, putting the products customers love most, first.
After enabling dynamic re-ranking, we saw a huge 62% increase in search usage, and an increase in conversion rate on re-ranked products. Optimising our search function is all part of a series of big changes to improve the OnBuy experience, with more updates to come in 2023!
Becoming the next household name
One of our main goals for 2022 was setting up to become the next big household name. We focused on building our brand through a new and improved style, a new logo, colour scheme, design and voice across all our marketing channels - and yes, we even joined TikTok, putting our brand in front of an even wider audience!
We also welcomed key players to our team, including a Marketing Director, CTO, Head of Sales and Head of Growth, each bringing years of experience and skills to help drive our goals forward.
Doing the ‘impossible’
We’ve always believed there’s a better way for marketplaces to operate, and we’ve come a long way since being told it would be “impossible” to grow or scale up against the big boys!
To end an already huge year, we were officially recognised by one of the country’s leading technology awards programmes, the UK Technology Fast 50 2022; Deloitte’s prestigious ranking of the UK’s fastest-growing tech companies. We ranked 11th overall, with a huge 3402% growth (based on revenue growth over the last four years), and also secured the top spot for the South West region.
This came in the same year that we were named in the Financial Times 1000, a list of Europe’s fastest-growing companies, among various other awards!
It’s always exciting for our team to be recognised for the hard work they put into achieving our goals, and awards like these are a genuine benchmark of success for us. The names attached to these lists over the years are astounding, and to know the industry experts see us similarly is a huge win!
2022 was a great year, but it’s just the start for OnBuy! We can’t reveal too much just yet, but we have some massive developments planned for 2023 that are set to offer better value, better choice and a better experience… for everyone!
Our roadmap is all about helping customers make smarter shopping decisions. After all, happy customers means more repeat business, and even more revenue for our sellers. It’s a win-win!
Keep an eye out for updates soon – we can’t wait to reveal our biggest plans yet to the world!