Online marketplace OnBuy taps NetSuite tech to support growth

UK-based online marketplace, OnBuy, is using Oracle NetSuite to improve financial operations and reporting and support its growing customer base which is now served by more than 11,000 retailers hosting over 36 million products.

“Our meteoric growth is thanks to our refreshing approach to online commerce, and a proposition that champions transparency and collaboration,” says James Watts, CFO, OnBuy.

“The systems we use must also reflect those values and enable us to succeed. With NetSuite, we now have much greater visibility across departments and revenue streams, and more ways to report back to the business and investors. NetSuite will grow with us as we harness its ability to manage a multinational, multicurrency business.”

OnBuy has been able to unify and manage its financial operations on a single cloud business system.

NetSuite has helped the OnBuy finance team develop more in-depth departmental and investor reports, manage supplier payments, streamline bookkeeping activities and automate bank payments.

The planning and budgeting capabilities in NetSuite will, meanwhile, help the team improve financial forecasting and modelling across the business.

In addition, NetSuite will support OnBuy as it expands into new countries, by helping it manage transactions in multiple currencies and across subsidiaries.

“In a multi-trillion-dollar industry, OnBuy has the potential to reshape the online commerce landscape,” says Brandon Wilkins, Senior Director, EMEA Account Management, Oracle NetSuite.

“The systems OnBuy uses to run its business needs to be capable of delivering that scale. With NetSuite, OnBuy has a trusted partner to deliver exceptional experiences for its customers and its retailers, while keeping a keen eye on productivity and efficiency.”

Online marketplacesStaff WriterOnBuy, Online retail, Online marketplaces, E-commerce, NetSuiteComment