Almost seven in ten UK SME retailers have expressed confidence that sales will increase in 2019 and are looking overseas to increase said sales, according to a study commissioned by the Royal Mail.
The study found 70 per cent of UK SME online retailers currently sell overseas, mainly to Europe, USA and Asia. And 69 per cent, nearly seven out of ten, UK SME online retailers intend to intend to increase their international sales revenue via international trade, which is up from 64 per cent in 2018.
A quarter of responded said that they would achieve this growth by targeting new markets and countries. Other key plans include simplifying the sales/ordering/delivery and payment process and selling more to existing markets.
The top destinations the retailers intend to start selling to are Europe, USA and Canada. Europe is perceived to hold the greatest opportunity for overseas sales, followed by USA and Asia.
UK SME online retailers perceive the greatest challenges for 2019 to be economic instability in the UK, pricing goods competitively, attracting new customers and growing competition in the online space.
“Although obvious challenges exist in 2019, it’s promising to see the level of business confidence from UK SME online retailers. Retailers are focusing on the opportunities they have for growth and are looking at how to be successful both in the UK and abroad,” said a Royal Mail spokesperson.