Matt Bullock
10 February 2012
Created by retail veteran Allan Leighton, Music Magpie doubled operating profits and tripled its turnover since May 31, 2011. The online store, which buys second-hand CDs, DVDs and games, continues to grow as more consumers are converting aged technology into cash.
CEO of Entertainment Magpie, Steve Oliver, told the Financial Times that the company typically buys 100,000 to 200,000 units a day from consumers. During the last week of January, the retailer bought 500,000 items on a single day, as many consumers tried to get rid of clutter or unwanted Christmas gifts. The online store then resells these items at discounted prices, undercutting the high street or iTunes price for the media. While the retailer does have operations in physical bricks-and-mortar stores, it conducts 70 percent of its transactions online.
Half of Magpie's buyers are overseas shoppers who turn to U.K. sellers for affordable goods.
"We've sold DVDs to the Vatican City and CDs in North Korea," Oliver told the source.
Online offerings for the retail industry are also evolving. IndependentInvestor, an online investment source, recently launched a redesign of its website to improve the aesthetics of its popular investment resource. The website's tools, contents and techniques are now more accessible to retail investors all over the world. The goal of the new website is to help retail investors learn more about markets and how to turn a profit in the retail industry. The U.K. website helps traders at all levels and backgrounds find success in the field.
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