UK entrepreneurs find fortune through eBay with over 600 millionaires made
Setting up an eBay store has proved to be a promising business opportunity, with fashion, electronics and furniture revealed as booming markets
The number of UK entrepreneurs making millions through eBay-based businesses has risen by 50% since 2013, with over 200 new eBay millionaires made in that time, according to the e-commerce giant.
Defined as businesses which are achieving turnovers of £1m or more through selling on eBay.co.uk, the number of eBay millionaires based in the UK has grown from 443 in 2013 to an impressive 663 in 2017.
Marketplace data collected by eBay suggests that the increasing number of business owners finding success through the platform has been driven by the dramatic growth in online sales of fashion, furniture and electronic products.
Prospective eBay sellers are encouraged to capitalise on these booming markets after the platform revealed that ‘clothing, shoes and accessories’ is its fastest growing retail category, attracting 26.3% of the new businesses to register in 2016.
The ‘electronics’ category displayed the second-highest rate of growth, boasting 22.9% of new sellers in 2016, and third was ‘home and garden’, with 20.2%.
Started by Pierre Omidyar in 1995, eBay presents a promising launchpad for e-commerce businesses, giving them the opportunity to sell to the website’s 18 million UK users – or, for start-ups with global ambitions, 167 million users worldwide.
With business packages starting from £25 a month, setting up an eBay store is low-cost and does not require extensive resources. eBay entrepreneurs can sell on products which they have bought in bulk from wholesalers, deal in high-value one-off items or simply auction knickknacks.
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Considering the potential for success that can be found through a relatively low-maintenance operation, managing an eBay store serves as a good option for aspiring entrepreneurs who are keen to run their own company but do not have a business idea.
Rob Hattrell, vice president of eBay in the UK, said:
“The businesses trading on eBay make us who we are, and I’m delighted that we are helping even more of them hit the million-pound mark. Now we want to meet the next generation.
“Whether they are just getting started with a new invention or already an established trader, we want to recognise UK talent and boost the online presence of even more of this country’s entrepreneurs.”
To read Startups’ extensive free guide to starting an eBay business, click here.