OnBuy is preparing for a “significant international growth phase”, with expansion expected to reach 14 countries by the end of 2024.
The British-based marketplace has continued to grow in the UK and receive plenty of investment over eight years, now it’s gearing up for an international rollout as part of its long-term growth strategy.
The international rollout will begin in the EU before the end of the year, before extending to North America in 2025. OnBuy expects “substantial growth” from this expansion, in excess of 10 times in the next few years.
The marketplace said it credits its abilty to “rapidly scale” on a global level to the fact that it can keep infrastructure costs low and leverage retailers footprints as well as their channel management and fulfilment partners.
The news arrives after OnBuy announced a partnership with Google Cloud, enabling the business to internationally expand with modern cloud infrastructure to enhance the seller and customer experiences, reduce costs, and enable new revenue streams.
OnBuy chief executive and co-founder Cas Paton said: “OnBuy’s point of difference is the secret to our ongoing success. We balance seller and customer benefits to deliver an online marketplace that’s fair for all.
“Our cashback proposition is game-changing for retail. As an impartial online marketplace, we’re proud to connect sellers with over 6 million customers and are eager to expand this number even further. Having already awarded over £1.6m 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
“Now is the perfect time for an innovative disruptor like OnBuy to challenge the leading brands with a fresh viable customer proposition. With global economic conditions putting increasing pressure on sellers and customers alike, our unique cashback model is the key to additional value.”
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