OnBuy.com kickstarted 2021 with a £50 million one-day Price Crash event on New Year’s Day, that ran for 24 hours only.
This saw seller fees slashed across all 17 categories of the marketplace’s product range.
Consumers were given discounts on the latest tech, entertainment, furniture, homeware, toys, beauty and petcare products.
OnBuy supported the discounts applied sitewide for the £50 million New Year’s Day Price Crash out of its own pocket. The online marketplace slashed seller fees so that the independent retailers who sell on the site were not hit by the price cuts.
Cas Paton, founder and CEO of OnBuy said: “The New Year is a time for us all to make bold plans for the year ahead, however many businesses are feeling uncertain due to the ongoing global health crisis. Cutting our fees means that sellers stand to enjoy a risk-free way of seeing an early boost to their sales for 2021, with the full support of our marketplace.
“Meanwhile, consumers looking to take up new hobbies, fulfil new ambitions, or just treat themselves following a heavy 2020 will find a vast range of discounted products to choose from. Better yet, they can support independent businesses of all shapes and sizes while they shop, with OnBuy covering the cost of the discounts.”
2020 was a landmark year for OnBuy, as it achieved its third year of consecutive 600% growth and recorded a sales increase from a run rate of £24 million to over £170 million in one year (from 2019 to 2020).
“Kicking off the New Year with a £50 million Price Crash is a fantastic way to thank our sellers and our customers for making 2020 such a growth year for us all,” Cas summarised. “That said, a new year doesn’t mean any less commitment from us when it comes to supporting independent businesses and offering customers a more ethical eCommerce alternative.
“We have huge plans for 2021, but in the meantime, we look forward to helping our sellers get a jumpstart in January with this special one-day event.”
OnBuy’s latest Price Crash event comes as the business embarks on a definitive growth plan for 2021. This will include opening an office in Manchester in the spring, as well as internationalising the platform into over 140 countries by year-end 2023.
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