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BizReport : Ecommerce archives : August 23, 2010

More millionaires made as British SMBs thrive on eBay

Over the last 12 months the number of businesses turning over more than £1m will almost double, according to eBay's director of SMEs, with some experiencing growth in turnover of over 300%.

by Helen Leggatt

ebay uk logo.gifDespite a struggling economy, or perhaps because of it, British SMEs on eBay are thriving. The number of businesses turning over more than £1million ($1.5 million) is expected to almost double from 66 in 2009 to 127 this year.

Twenty-five of them should see their turnover rise by 100% or more this year, 14 by more than 200% and 11 will witness a rise in turnover of more than 300%.

Incredibly, of the 127 new millionaires, seven only started trading via eBay during 2009.

"The success of these million-pound businesses should encourage all entrepreneurs, from those with a long-standing business plan to graduates or school leavers with a great idea, as it shows that if you have a good business model and understand the demands of your customers you can be an overnight success," said Jody Ford, director of SMEs on eBay.

eBay is frequented by visitors from all over the globe and attracts around 17 million visitors each month. In the last two years over 25,000 businesses have been set up on eBay U.K. and fixed price goods now make up over half (56%) of all items sold.

Tags: e-commerce, ebay, online store, small business, SMB, U.K.

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