Online marketplace, OnBuy, is officially the largest UK-owned marketplace and has ambitions to achieve £400m in annual sales by 2021, 5 per cent of Amazon's UK market share.
According to the latest figures by internet analysts, Alexa and Similar Web, OnBuy is number one in UK traffic rankings for UK-owned marketplaces, outranking competitors Fruugo and Flubit.
Cas Paton, entrepreneur and founder of OnBuy, commented: "OnBuy has become the top-ranking UK marketplace, a huge achievement especially when taking into consideration that in January 2018 we secured only £2.7m in funding, which is in stark comparison to Fruugo's $40m.
"We are working closely with PayPal to launch in over 100 countries in the next 12 months, which is significantly more than our American counterpart, Amazon, who currently has 16 sites dedicated to 16 countries. Through our aggressive expansion plans we are targeting 5 per cent of Amazon's market share, which equates to £400m, which will make OnBuy the first UK company to achieve such expansion in this space.
"This announcement comes at a significant time for OnBuy as we will be going for our next round of funding soon and looking to launch internationally in May. We are in a very strong position as the UK's leading marketplace and we are already improving on Amazon across thousands of products. Our continued hard work and re-investment will support our expansion plans over the next three years as we take on more market share."
"...[this is] a huge achievement, especially considering that in January 2018 we secured only £2.7m in funding, which is in stark comparison to Fruugo's $40m."
Cas Paton, Managing Director, OnBuy
After recently sparking a partnership with PayPal and announcing its integration with ChannelAdvisor, the largest e-commerce multi-channel management system, OnBuy continues to achieve milestones that are in line with its ambitions.
Cas added: "We are in a strong position to drive forward with our plans to expand our global outreach, starting with establishing a presence in 100 countries within the next 12 months and dominating a substantial proportion of the global market share in the next three years. We've made massive headway by leapfrogging over Fruugo and Flubit in the traffic rankings, who raised $40m and $20m respectively."
The company's marked success is due to its fair and transparent marketplace, keeping fees reasonable for sellers, not competing with sellers and continuously improving the OnBuy experience. In turn, this helps make a better marketplace for shoppers, continually reducing prices and introducing more categories and deals and enabling a consistent delivery on choice.
Cas added: "OnBuy has so much untapped potential and we're confident that as our expansion rolls out, we will become the largest-reaching global marketplace. In the UK alone, we are expecting ten times growth over the next few years. Factor this with our globalisation, and our 5 per cent market share is set to be extremely achievable. We'll continue to work closely with PayPal to ensure that our global marketplace is safe, secure and reliable."