Online millionaires on the rise, says eBay

London, Aug 22 (ANI): Thinking of opening an online business? Then hurry up, for it is one of the most successful ways of making money, according to new figures.

Seven online businesses will make over 1 million pounds despite only starting last year, says Internet auction site eBay.

The site has revealed that the number of million-pound businesses using the site has increased tenfold since the beginning of the recession.

As many as 25, 000 people have started their own business in the last two years on eBay in spite of recession.

"Over the last few years, we've had to become more competitive and make stricter purchasing decisions, to ensure our products remain cheaper than the exact same items found on the high street," the Sky News quoted Clare Gilmarton of UK eBay as saying.

"Businesses operating on eBay have access to a huge global customer base with over 17 million people using the site each month.

"This makes it an extremely attractive option coupled with low start-up and overhead costs, and the flexibility to react more quickly to retail trends and consumer needs.

"This has meant online companies can offer great value and be more recession resilient than many bricks and mortar businesses," he said. (ANI)