26/08/11

By Karen Moss

New figures published today show that the number of million pound businesses on eBay is set to rise by 25 per cent this year. eBay expects to see 159 £1 million businesses trading on the site, with the home and garden, fashion, motors and consumer electronics sectors driving this growth.

Despite fears of a ‘double dip’ recession, this will be the fourth year of consecutive growth in the number of eBay millionaires. In 2010 five businesses achieved turnover on eBay of £1 million in just their first year of trading, and this year, over 10 per cent of millionaire businesses are expected to turnover at least £3 million.
Nearly all (98 per cent) of this year’s millionaire businesses are boosting their sales through exports. Overseas sales from eBay’s UK SMEs accounted for £446 million of sales on the site in 2010.

Angus McCarey, retail director for eBay UK, says: “We’ve seen a surge of businesses starting up on eBay since the recession which shows the vital role online businesses play in supporting the fragile UK economy. Many eBay businesses including some of our millionaires are selling offline as well so their total contribution to the UK economy is even more substantial.”

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