Fashion and furniture sales have fueled the boom of the British eBay millionaire
eBay UK data reveals that the number of UK millionaires has grown by half over the last three years, from 443 to 663, and some of the 200 new eBay millionaires made since 2013 are as young as 19.
An eBay millionaire is defined as a business registered on eBay.co.uk with a turnover of £1 million or more. According to the latest data from the marketplace, the rising number of millionaires has been driven by booming online sales of fashion, furniture and electronics.
The strongest growing category on eBay UK by business registration is Clothing, Shoes and Accessories. More than a quarter – 26.3 per cent – of new business joiners to the site in 2016 set up a Clothing, Shoes and Accessories store. Other fast growing UK categories include Electronics sellers (22.9 per cent of registrations) and Home and Garden items (20.2 per cent).
In recognition of this talent eBay are launching the first ever eBay for Business Awards, the Awards are free to enter and open to all eBay businesses, regardless of size. If you are an eBay business with a great story to tell or an entrepreneur or small business with a great product or idea, (even if you don’t yet sell on eBay) eBay want to hear from you before the 13th August 2017.
The winning businesses will receive a cash prize, a trip to meet eBay’s global executive team in the United States, as well as tailored assistance to help boost online presence and help to sell products. Click here to enter
New business registrations on eBay UK in 2016, by sector:
1) Clothing, shoes and accessories – 26.3 per cent
2) Electronics – 22.9 per cent
3) Home and Garden – 20.2 per cent
4) Collectibles – 8.6 per cent
5) Parts and accessories (motor) – 7.4 per cent
6) Lifestyle – 6.7 per cent
7) Business and industrial – 5.4 per cent
8) Media – 2.5 per cent
3 Top tips for launching a new business on eBay
- Customer service is important when growing a business, share feedback left by others, a long list of positive reviews, is great for building confidence among people thinking about buying from you for the first time.
- Study the marketplace and find your niche among competitors. If you can identify a unique offering for consumers, you can rapidly grow your business online.
- Keep a close eye on sales data, so you can start to map out seasonal product trends and then plan inventory throughout the year, for example lingerie in the spring when swimwear sales rocket as people plan their summer holidays.