eBay U.K. will have more millionaire sellers on its site by the end of this year than it did a year ago, thanks to an increase in exports.
The site expects to have 159 businesses that will reach the 1-million-pound mark by the end of the year—a 25 percent increase compared to the end of 2010. About 10 percent of these millionaires are expected to make 3 million pounds by the end of the year, eBay reports.
Exports and the sale of items in the Home & Garden, Fashion, Motors and Consumer Electronics categories are thought to be behind the growth. eBay says 98 percent of this year's crop of million-pound businesses are increasing their sales through exports. About 11 of this year's millionaires are expected to generate more than 500,000 pounds in revenue just from exports. Two millionaires are expected to make 1 million pounds by selling to people outside the U.K.
"We've seen a surge of businesses starting on eBay since the recession, which shows the vital role online businesses play in supporting the fragile U.K. economy," says Angus McCarey, retail director for eBay U.K. "Many eBay businesses, including some of our millionaires, are selling offline as well as, so their total contribution to the U.K. economy is even more substantial. There are considerable opportunities for SMEs willing to ship internationally to EU and global customers."
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Auctiva staff writers constantly monitor trends and best practices of those selling on eBay and elsewhere online. They attend relevant training seminars and trade shows and regularly discuss the market with PowerSellers and other market experts.