South West-based online marketplace OnBuy delivers £5.5m in additional sales
Poole-based online marketplace OnBuy has delivered £5.5m of additional sales by deploying a suite of data science-led search developments to its onsite search facility, with every pound made going to a UK retailer.
This latest enhancement is described by the company as "just one step in OnBuy’s road map to be the best choice for retailers, continuing to offer them added value at no added expense."
Cas Paton, founder and CEO of OnBuy, said: “We understand how many challenges retailers face, especially considering how other marketplaces directly compete with them, often ‘search rigging’ to prioritise the promotion of their own products. We don’t sell our own products and are here to exclusively support retailers, not go head-to-head with them.
"With OnBuy offering a ‘paradox of choice’, product discovery is crucial, and our new search developments help to surface more relevant products from thousands of UK retailers. As such, more products get found, and more products get bought.”
OnBuy doesn’t sell any of its own stock; instead, the marketplace only makes money when its retailers sell goods. This alignment of interests has led OnBuy to invest heavily in developments that support its vendors.
The company's improvements to the search function, which are rooted in ‘relevance science’, incorporate updates to filters, analysers, and search suggestions. The company reports vastly improved customer experience, with consumers able to find the right products faster than ever before.
“With a fast-growing online marketplace like OnBuy, every development and improvement matters," Mr Paton continued. "£5.5m worth of increased sales from the first phase of improving onsite search demonstrates just how much potential OnBuy has for its retailers. We intend torevolutionise the eCommerce model and will continue to promote a fair and transparent offering for our vendors. This monumental development is a giant leap for unbiased online shopping, and there is much more we plan to achieve to benefit both retailers and consumers.”
OnBuy is becoming a serious disruptor of the e-commerce market, with the company eyeing unicorn status after raising £35m earlier this year.
