In 2020, UK retailers will record online sales abroad seven times higher than in 2012, reaching a combined £28 billion. The strong improvement highlights the opportunities that local brands could make use of on a global scale, thanks to the increasing interest in British retailers outside the country.
This is the forecast contained in a report prepared by OC&C Strategy Consultants in partnership with Google. The study, titled ‘Britain’s Retail e-mpire’, also suggested that the number of non-UK users visiting the web pages of British brands and retailers will surge by an average of 46% by 2020.
The researcher also predicted that, over the next seven years, international online sales will make up 40% of UK retailers’ combined online sales, rising three times faster that online sales at home.
North America is likely to remain the UK retailers’ biggest single overseas market, where they will enjoy an increase in sales to £2.7 billion in 2020 from £800 million in 2012. Shoppers from western European countries will contribute £9.8 billion to UK retailers’ revenues in 2020 against £1.5 billion last year. In central and eastern Europe, UK brands will see sales soar to £6.9 billion from £400 million, while in Asia sales will expand to £4.5 billion from £400 million.
British retailers are becoming increasingly attractive to foreigners as they offer a richer choice and competitive pricing bolstered by the depreciation of the local currency, adequate service and compelling site experience.
There has been a significant rise in the number of international searches for British retailers and brands, most of them coming from Europe, followed by North America and Asia, Peter Fitzgerald, director at Google, commented. This growth is fuelled by UK retailers’ increasing popularity overseas, which would better hurry to identify the locations where demand is strong to take measures to comply with the needs of customers, he said.