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OnBuy.com has been named the largest UK-owned marketplace, according to the latest figures by internet analysts, Alexa and Similar Web.
The results show that the marketplace is number one in UK traffic rankings for UK-owned marketplaces, outranking competitors Fruugo and Flubit.
Following the news, the business says it has ambitions to achieve £400m in annual sales by 2021 – 5% of Amazon’s UK market share.
“OnBuy.com 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,” said Cas Paton, entrepreneur and founder of OnBuy.
“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% of Amazon’s market share, which equates to £400m, which will make OnBuy.com the first UK company to achieve such expansion in this space.
“This announcement comes at a significant time for OnBuy.com 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.”
OnBuy recently sparked a partnership with PayPal and announced its integration with ChannelAdvisor, the largest e-commerce multi-channel management system.
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