With the age of Globalisation at full flow and the online world doing its own job at shrinking the space between us, it’s time that British online retailers took full advantage of the international markets and moved away from reliance on the UK market.
The business research division of Berkshire Hathaway have recently carried out an extensive survey into the e-commerce trends across borders within Europe which have highlighted the potential for British online retailers within Europe.
Their research has shown that more than a quarter of online shoppers in the EU have made purchases from other EU countries, with this share being highest in the Euro area. The UK was the most popular destination for cross-border online shopping among European online shoppers purchasing abroad in 2013. The Eurozone is the perfect space for UK online retailers to start making the most of international consumers. Though most multinationals would have an existing site in the other Eurozone countries, SME’s need only to take the simple step of integrating a conversion to Euro (€) button within their sites to make the most of this lucrative market. Research has shown that this step alone can increase the chances of making a sale by up to 40%.
The Eurozone is a quick and obvious easy win for UK retailers. The UK is among the biggest cross-border B2C E-Commerce exporters worldwide, supported by the popularity of British brands around the world and wide use of the English language. On the side of imports, only a small double-digit share of online shoppers in the UK buy from online retailers in other European countries, while the USA, China and Hong Kong are more popular destinations. This works both ways, as opportunities grow in the emerging markets; it’s time UK online retailers started taking a more innovative approach to spreading their reach internationally.
The message for 2014 is that the online retail space is becoming one of the largest growth areas for British business and if we’re to make the most of it, it’s time we took a bolder approach, tailor our offerings for the international markets and shoot for the moon.
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