British retailers could see their overseas online sales volumes soar over the coming years, freshbusinessthinking.com reports.
Research from OC&C Strategy and Google found that, by 2020, overseas online sales values will have increased seven fold, from £4 billion to £28 billion. Furthermore, this increase will mean it outpaces domestic growth and will account for 40 per cent of total online sales. Comparatively, foreign exports accounted for just 14 per cent of the £4 billion total registered in 2012.
North America looks set to remain the single largest export market for British retailers, even if growth percentages increase at slower rates than for emerging economies.
This growth is set to benefit from the increase in search volumes for British-made products witnessed since 2010. Thanks to its global reputation for quality, online searches for such items has increased by around 46 per cent year-on-year over the last three years.
Explaining the figures, Google director Peter Fitzgerald told retail-week.co.uk: “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.”