eBay million-pound businesses on rise

The number of million-pound businesses trading on eBay is set to increase by a quarter this year.

The company said it expected the number to rise to 159, with growth being driven in areas including fashion, motors, home and garden, and electronics.

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Most of the millionaire businesses boosted their sales through exports, especially to countries including the United States, Australia, Germany, Ireland and France.

Angus McCarey, retail director for eBay UK, said a “surge” of businesses had started up on the site since the recession, adding: “Whilst the UK economy is often compared unfavourably to Germany, our figures show good reason to be optimistic.

“Online SMEs (small and medium-sized enterprises) are growing faster on eBay, with millionaire businesses developing at three times the rate compared to Germany.”