18 Feb UK ecommerce is set to top exports of £28b by 2020
UK e-commerce exports are expected to hit a staggering £28 billion by 2020 as UK retailers are set to enjoy a trade hike that will outdo the US and Germany by a long stretch. A report by Google discovered that in 2013 the UK’s trade business was worth £720 million and the number of sales from international sources in 2020 are expected to hit an increase of online sales by 40%.
“We have seen a significant increase in the volume of searches for British retailers and brands coming from overseas. The majority of non-UK searches are currently coming from Europe, followed by North America and Asia, driven by the increased popularity of British brands abroad. Retailers can use search data to identify pockets of demand and move quickly to meet the needs of customers” said Peter Fitzgerald, Google’s Director.
If you split it down by region, Western Europe is the highest marketing for exports, which is helped by the low barriers of entry level of the ease of delivery, notching up a huge total of £9.8 billion in imports by 2020. Meanwhile, North America should see their sales increase to £2.7 billion by 2020, a much slower growth compared to that of Europe. This is mostly down to the market’s maturity and their personal competition with home-grown brands.
In terms of emerging economies, Asia is expected to see a huge growth in terms of sales. Predictions should see a massive push in sales of just £400 million in 2012 to £4.5 billion in 2020, with Central and Eastern Europe being even more impressive with an increase from £400 million in 2012 to £6.9 billion in 2020.
UK brands are seemingly performing much better overseas for a number of reasons including a better choice for consumers, a higher level of competitive pricing policy and a compelling site and service experience when compared to foreign competitors.
The report’s findings are based on that of e-commerce searches on Google for the UK, Germany, US, Netherlands and France.