OnBuy, a popular pure marketplace from the United Kingdom, has announced its international growth plans. By the end of this year, the rollout of ‘The Cashback Marketplace’ will begin across continental Europe, with the United States following next year.
Since its launch in 2016, OnBuy has grown significantly in the United Kingdom. The company has ranked high on the FT 1000 list of Europe’s fastest-growing companies for several years. According to publisher the Financial Times, revenue grew by over three thousand percent between 2019 and 2022. Since its founding, OnBuy has also managed to secure substantial funding from both domestic and international investors.
Significant international growth
In 2022, OnBuy launched an international seller drive to expand its product offerings, but on the buyer side, the focus remained on the generally challenging United Kingdom. That is about to change: the company is preparing for a significant international growth phase, and shoppers from continental Europe are expected to be targeted this year. A total of 14 countries are mentioned.
OnBuy is expected to launch in 14 European countries.
Marketplaces account for 69 percent of European cross-border sales, and OnBuy is now tapping into that. Next year, a launch in the United States is planned. The company reportedly anticipates substantial growth from its increased footprint – in excess of 10 times over the next few years.
Independent position
The growth plans follow the recent announcement of OnBuy’s partnership with Google Cloud, which is intended to facilitate the technical aspects of international expansion and improve the experience for both buyers and sellers. According to co-founder and CEO Cas Paton, OnBuy’s success is due to its independent position towards retailers in its marketplace. The company does not sell its own products or hold stock but rather facilitates the trading of its partners’ products.
Cashback scheme
Another unique selling point is the cashback model introduced last year. OnBuy became the first marketplace to launch a cashback scheme on all purchases. This will be extended internationally, according to Paton:
‘Our cashback proposition is game-changing for retail.’
The CEO continues: “Having already awarded over 1.6 million pounds in cashback across the UK to date, we are now primed to deliver tangible cumulative value to customers across Europe and North America. We plan to use our new international footprint to build customer awareness of a smarter way to shop: immediate cashback guaranteed, with no third parties, tracking, or privacy issues.”
