// OnBuy recorded 24,000% GMV growth since launch four years ago.
// It also enjoyed 600% revenue growth in 2020 for the second consecutive year
// It has also forecast a turnover of £2 billion in sales by 2024
OnBuy has posted record growth figures just four years after its launch, and has set its sights on achieving £2 billion in sales in the next four.
The online marketplace said that at the end of its fiscal year (2020), it recorded 24,000 per cent GMV growth since launch four years ago.
OnBuy also said it enjoyed 600 per cent soaring revenue growth in 2020 for the second consecutive year – despite a worldwide slowdown in economic growth – and follows a 500 per cent increase from 2017 to 2018.
- OnBuy to go global after securing £5m cash injection
- OnBuy secures £3m to fund ambitious expansion plans
To accommodate its growth, OnBuy has tripled its workforce to over 50 full-time staff to cater to the 8 million customers it has now amassed.
The retailer said it was entering its fourth quarter with a strong marketing strategy and will launch globally in over 140 countries.
It has also forecast a turnover of £2 billion in sales by 2024, and between three per cent to five per cent share of the UK ecommerce market in the next three years.
The news comes shortly after OnBuy closed a £5 million series A funding round from investors.
“These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an ecommerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online,” chief executive Cas Paton said.
“We’ve evidently found the right formula for success: we’re already running at £120 million in sales and we haven’t even launched globally yet.
“Ahead of our phased launch into over 140 countries, where we’ll have the widest reach of any online marketplace, we’re investing heavily in the UK site with a massive Q4 planned.
“We expect to 5x our millions-strong audience this year, which will further accelerate our 24,000 per cent growth.
“We’re projecting a turnover of £2 billion in sales by 2024, and we’re set to claim 3-5 per cent of the £84 billion UK ecommerce market in the next three years.”