 | |
| Type | Private company |
|---|---|
| Industry | E-commerce |
| Founded | 2007 |
| Founders | Steve Oliver, Walter Gleeson |
| Headquarters | Stockport & Macclesfield |
Area served | Worldwide |
Key people | Steve Oliver, Walter Gleeson |
| Services | Online shopping |
Number of employees | 1,000 (December 2019) |
| Website | musicmagpie |
musicMagpie is a British owned online retailer buying and selling refurbished electronics and second-hand computer games, consoles, books, films and music. [1]
musicMagpie was founded in Stockport in 2007 by Steve Oliver and Walter Gleeson, both with previous experience of the music industry. The company was originally based in Oliver's garage, buying only CDs. [2]
Records show that from February 2017, the company employed 1000 people, and received 5 million ratings on eBay, becoming the most popular seller on that platform. [3]
By 2018 the company had sold an estimated £125 million of used items, primarily through Amazon and eBay. [2]
In 20 November 2023, companies such as the BT Group and Aurelius Group announced their interests to buy the company. [4]
Prices are checked through an algorithm which determines an item's popularity on all competitors' websites. Due to its low prices for items such as CDs, the service is often used by individuals selling in bulk. [2]
Customers can enter an items’ barcode or name into musicMagpie's website to receive an instant quotation. Customers can then send their goods to the company free of charge by various methods. [5] Once the goods are received, if they meet quality requirements, the seller is paid.
The principle behind its purchase and sale algorithm is to keep a minimum stock in the company's warehouse, and continuously buy and sell the same item while listing it on multiple platforms. Depending on an artist's new release, advertisements and other relevant factors, the company tends to increase the stock if expecting to get bigger sales from a specific product. DVDs are typically purchased for 1 penny and books for 20 pence, and then resold for an average of £1 or £2. [ citation needed ]
Customers can purchase used items through a separate part of the website.
The company has a deal with UK budget retailer Poundland, where it supplies them with used CDs, DVDs and Blu-rays, which are sold for one pound as part of Poundland's Replay range. [6]
Amazon.com, Inc. is an American multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. It has been often referred to as "one of the most influential economic and cultural forces in the world", and is often regarded as one of the world's most valuable brands. It is considered to be one of the Big Five American technology companies, alongside Alphabet, Apple, Meta and Microsoft.
Best Buy Co. Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.
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Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue. While it usually involves marketing more profitable services or products, it can be simply exposing the customer to other options that were perhaps not considered. In practice, large businesses usually combine upselling and cross-selling to maximize revenue.
A record shop or record store is a retail outlet that sells recorded music. In the late 19th century and the early 20th century, record shops only sold gramophone records, but over the 20th century, record shops sold the new formats that were developed, such as eight track tapes, compact cassettes and compact discs (CDs). Today in the 21st century, record stores sell CDs, vinyl records and in some cases, DVDs of movies, TV shows, cartoons and concerts. Some record stores also sell music-related items such as posters of bands or singers, -related clothing items and even merchandise such as bags and coffee mugs.
Poundland is a British variety store chain founded in 1990. It once sold most items at the single price of £1, including clearance items and proprietary brands. The first pilot store opened in December 1990 following numerous rejections by landlords who had reservations about allowing a single-price store to operate, fearing it could adversely affect the local competition. An estimated 7 million customers shopped in Poundland every week in 2016, many being female shoppers in the C1, C2, D and E categories. Following a drop in share price of over 50%, Poundland was acquired in August 2016 by Steinhoff International for £610 million.
Bulk purchasing or mass buying is the purchase of much larger quantities than the usual, for a unit price that is lower than the usual.
A second-hand shop is a shop which sells used goods.
In a supply chain, a vendor, supplier, provider or a seller, is an enterprise that contributes goods or services. Generally, a supply chain vendor manufactures inventory/stock items and sells them to the next link in the chain. Today, these terms refer to a supplier of any goods or service.
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Recommerce or reverse commerce is the selling of previously owned, new or used products, mainly electronic devices or media such as books, through physical or online distribution channels to buyers who repair, if necessary, then reuse, recycle or resell them.
Matthew John Moulding is a British businessman, founder and CEO of THG plc. As of May 2022, he has an estimated net worth of £700 million, down from £1.4 billion in 2021.