Matt Bullock
23 August 2010
Online auction site eBay has reported that the number of small online businesses that trade through the website and turnover more than £1 million a year has nearly doubled over the last 12 months.
According to the ecommerce site, 127 companies are on track to turnover £1 million or more during 2010 - up from just 66 in 2009. What's more, seven of the high-grossing companies only started selling on eBay in the last year, and 11 are increasing their turnover by 300 percent or more annually.
"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," Jody Ford, eBay's director of small and medium-sized enterprises, told the Guardian.
About 25,000 people have launched an online business with eBay since the recession hit, so 127 remains a small fraction of the total. Nevertheless, the gains indicate that success is still very possible in ecommerce.
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