More than 200 new eBay millionaires have been made since 2013 in Britain – and some of them are as young as 19.
Despite the economic turbulence of the early 2010s, the UK’s online economy has proven increasingly robust, with the number of eBay millionaires rising by 50 per cent since 2013 – from 443 to 663.
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.
20-year-old Monty George is a newly minted eBay millionaire. He runs Furniture Box, a Wiltshire-based online furniture store, with business partner Dan Beckles, 19. The business launched on eBay in 2015 after the two chose to focus on enterprise rather than pursue university education, and Furniture Box now turns over more than £1 million.
Fashion has proved to be the standout sector for another Wiltshire-based eBay millionaire. Clare Haines set up Lingerie Outlet Store in 2009, but it wasn’t until best friend Melissa Burton joined the business as a partner in 2014 that the working mums led Lingerie Outlet Store to 2,000% growth. The firm now employs 23 staff and is looking for a new warehouse.
Clare and Melissa are part of the strongest growing category on eBay UK by business registration – Clothing, Shoes and Accessories. Over a quarter – 26.3% – 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% of registrations) and Home and Garden items (20.2%).
The new figures are released as eBay prepares to launch the first ever eBay for Business Awards. The Awards are free to enter and open to all eBay businesses, regardless of size. 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 their presence online and help them to sell their products.
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. Through the eBay for Business Awards, we want to hear from the best and the brightest businesses up and down the country.”
He continues: “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.”
New business registrations on eBay UK in 2016, by sector:
1) Clothing, shoes and accessories – 26.3%
2) Electronics – 22.9%
3) Home and Garden – 20.2%
4) Collectibles – 8.6%
5) Parts and accessories (motor) – 7.4%
6) Lifestyle – 6.7%
7) Business and industrial – 5.4%
8) Media – 2.5%
You can enter the eBay Business Awards here.