eBay Millionaires on the Rise in the UK

A recent article shares that British entrepreneurialism has risen 35 percent; more than ever before, there are eBay self made millionaires, likely propelled by the surge of e-commerce due to COVID’s challenging trading conditions and store shutdowns.

What is an eBay Millionaire?

By definition, an eBay millionaire is a business that trades on eBay UK with revenues of £1 million or more generated through the online marketplace. So, what are these millionaires selling on the e-commerce site? Well, as the pandemic created a shift in the market with consumers, new product categories have come out on top. Following are the top 10 product categories that entrepreneurs are selling:

1. Home, Furniture & DIY
2. Vehicle Parts & Accessories
3. Clothes, Shoes & Accessories
4. Business, Office & Industrial
5. Health & Beauty
6. Sporting Goods
7. Garden & Patio
8. Computers/Tablets & Networking
9. Mobile Phones & Communication
10. Sound & Vision (e.g. TVs, smart glasses, speakers)

Where can eBay Millionaires Find Inventory?

A great way for entrepreneurs to source their inventory is through the secondary market. That’s where B-Stock comes in. B-Stock operates the world’s largest network of B2B marketplaces for returned and excess inventory. Through our platform, major major retailers and brands sell their products directly to more than 300,000 vetted business buyers across 135 countries.

How Does B-Stock Work?

We develop marketplaces that are customized, integrated, and scaled based on each retailer’s unique needs to sell returned, excess, or other secondary market inventory. They also allow total control over who is buying the inventory and how it enters the secondary market.

Higher Pricing

If executed effectively, a B2B marketplace solution offsets substantial loss for returned or excess inventory, even comparable to reprocessing back on shelf or returning to the vendor. By setting up an online auction dynamic where specifically targeted buyers compete to buy your merchandise, pricing goes up.

Channel Control

Exposure to the right buyers ensures there is no confusion between primary (a-stock) or secondary (b-stock) channels and that your brand remains secure. By marketing to a database of targeted, vetted secondary market buyers you can control who sees your merchandise and who is allowed to buy it.

Velocity

With a larger buyer base made up of the right buyers you can move inventory as needed—regardless of volume, time of year, or product category.

Automation/Efficiency

By automating your liquidation process, you’ll improve the operational efficiency of your liquidation program. No more spreadsheets. No more faxing. No more negotiating over the phone.

Online Auction Dynamic

Increased competition through auctions means higher pricing; it also drives velocity, creates a sense of urgency and excitement. Auctions also mean no offline negotiating: you’ll be able to extract buyers’ highest willingness to pay and have real data on secondary market prices.

Sustainability

Bypass the landfill. A robust buyer base exists for just about every product regardless of condition, style, or brand. From salvage and discount store owners to online sellers to mom-and-pop shops, refurbishers and exporters, you’ll have direct access to a large buyer pool.

To learn more, watch Head of Business Development, EMEA, Giorgio Vitale give his take on the growth of e-commerce. You can also read our blog article about 2020’s vision for the industry. And if you’re ready to tap into the growing re-commerce market, get in touch with Giorgio.