Just 13 per cent of UK retail companies traded overseas in 2013 despite the British retail export market being worth £24bn.
The YouGov survey of 1,000 SME owners, conducted on behalf of currency firm Caxton FX, found that the online export market was there for the taking. It found that international trade presents huge growth potential after internet sales made up a healthy chunk of sales made over the Christmas period.
When firms were asked why they didn’t trade overseas, more than a third (38 per cent) said the greatest obstacle they faced was identifying local contacts, while (38 per cent) referenced a lack of knowledge about trading overseas and a quarter (25 per cent) wanted to avoid the perceived mountain of red tape.
Rupert Lee-Browne, Founder & CEO, Caxton FX, commented: “It’s vital that retail businesses – both large and small – have the confidence to go out there and discover new global opportunities.”
There are many organisations and trade bodies that can provide advice for retail businesses looking to enter overseas territories including the British Retail Consortium.