UK-based online marketplace OnBuy has completed the first stage of revolutionizing selling and shopping experiences with a series of updates in their ambitious 2023 plan to further grow the business and prepare for international expansion.
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As Europe’s top-ranked fastest-growing ecommerce company by the Financial Times, OnBuy secured its growth strategy by becoming a Merchant of Record, enhancing its platform and operations. Their customer-centric approach aims to establish stronger connections with shoppers and sellers in the UK and beyond.
By becoming a Merchant of Record and through its collaboration with Nuvei, their payment partner, OnBuy was able to introduce a range of payment options including Visa, Mastercard, PayPal, Klarna, and Clearpay.
OnBuy is in the final phase of adding Google Pay and Apple Pay, adding two significant payment options for mobile checkout.
This approach has enabled OnBuy to distinguish itself from competitors by providing a wide range of payment options to customers, increasing consumer expectations for flexibility and convenience, and allowing the marketplace to cater to how customers prefer to make online purchases.
Furthermore, OnBuy has implemented new direct payment features for sellers, enabling them to withdraw funds directly into their WorldFirst, Payoneer, or UK bank accounts at their preferred time. This convenient option grants sellers greater control over their finances and enhances overall flexibility.
This initiative not only eliminates third-party expenses, exorbitant international payment fees, and intricate policies but also widens OnBuy’s reach to international sellers.
Consequently, the onboarding process has become simpler as sellers are no longer required to possess a PayPal Business Account to register with OnBuy. These changes aim to enhance accessibility and reduce barriers for sellers across the globe.
While OnBuy’s primary country of operations is still the UK, it has been enlisting sellers around the world who wish to reach customers in the world’s third-largest ecommerce market, the UK. Eventually, the steps taken will also enable the company to expand selling in European and other international markets.
All of these achievements so far this year were due to OnBuy forging a strategic partnership with Canadian fintech firm Nuvei in November 2022. This allowed the marketplace to accelerate its progress by achieving in months what would have otherwise taken years.
Through the integration of Nuvei’s market-leading marketplace payments solution, ‘Nuvei for Platforms,’ OnBuy empowers small and medium-sized sellers with enterprise-grade payment solutions, providing comprehensive functionality from Nuvei’s modular platform.
“We have huge plans for 2023, and this is just the beginning. Our sights are set on one clear goal: to make OnBuy the go-to choice for every customer, every time,” said Cas Paton, CEO and founder of OnBuy.
“With our rapid growth at significant pace, we needed a partner that understood both our challenges today and could see our vision for tomorrow – and after meeting with most major players in payments, we knew that partner was Nuvei.
“With their connectivity and our passion to be the best for customers, our objectives and values are aligned. We have a huge array of synergy.
“Nuvei’s experience and support has enabled OnBuy to scale even faster. In the first month after launching, we’ve seen over 35% revenue growth – and we’re only just getting started!’”
Yuval Ziv, President of Nuvei, added: “OnBuy is an exciting marketplace, and being recognized as Europe’s fastest-growing ecommerce business is a major feat for any scale-up business – especially considering that they only trade in the UK currently.
“It shows the potential of this young business, and we’re delighted to be in partnership and to have been able to help accelerate OnBuy’s growth plans through our experience and our fantastic product set. We look forward to seeing our partnership develop and to take advantage of the exciting opportunities that are available to us in the near future.”
OnBuy – More to Come
OnBuy has teased upcoming updates that will solidify its position as a cutting-edge leader in online retail. These updates aim to enhance desirability, exposure, traffic, and customer loyalty, ultimately generating increased sales opportunities for its sellers.
Paton concluded: “Nuvei has unlocked a future ecommerce leader in OnBuy, and OnBuy has evidenced how execution can be simplified with a leading global payment partner – and I can’t wait to see what else we can achieve together as we go on the next wave of our journey.
“Together, OnBuy and Nuvei have many more opportunities to harness and a lot to play for, with internationalization at the heart of what’s next for OnBuy.”
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