What is the story about?
What's Happening?
OnBuy, a British online marketplace, has announced its expansion into twelve new European markets, including Germany, France, and Spain. This move is expected to contribute an additional 100 million British pounds to the company's Gross Merchandise Value (GMV). The expansion is part of OnBuy's strategy to offer a credible alternative to US giants like Amazon and eBay. The company aims to increase its GMV to one billion British pounds over the next three years, with plans to enter eight more markets. Initial experiences in these new markets have been positive, with significant sales growth and customer acquisition.
Why It's Important?
OnBuy's expansion into European markets signifies its growing influence in the e-commerce sector, challenging established players like Amazon and eBay. This move not only strengthens OnBuy's position as a fast-growing tech firm but also provides European retailers with more options for online sales platforms. The expansion could lead to increased competition, driving innovation and potentially lowering costs for consumers. OnBuy's success in these markets could encourage other e-commerce platforms to explore international expansion, further diversifying the global online marketplace.
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