If you haven’t started selling outside the United Kingdom yet, it’s about time you gave some thought to it because you have a huge potential market out there.
More overseas shoppers have bought from UK online businesses than from any other European country, according to a new study.
For the fourth annual Global Cross-Border Commerce Report, market research firm Ipsos interviewed 34,000 people in 31 countries on behalf of PayPal, and found that 14% of overseas shoppers bought goods from British online retailers in the past 12 months.
The report also revealed that the US and China are the UK’s largest export markets; products amounting to £12.5 billion and £5.7 billion were purchased by American and Chinese shoppers, respectively, in the past 12 months.
PayPal’s report coincided with news from the Office for National Statistics (ONS) that UK’s total exports jumped to £629.3 billion, a 5.2% year-on-year increase.
Germany trails behind the UK, with 10% of cross-border eCommerce customers saying they have shopped in this country.
Online retailers in France, Italy, and the Netherlands also turned out to be highly in demand among online shoppers abroad.
The most marketable products overseas
To ensure your eCommerce business rakes in high international sales, it pays to know which products to put in front of your target market.
PayPal’s report revealed that clothing is the most marketable category; 68% of cross-border shoppers said that they bought clothes from eCommerce websites abroad in the past year.
The data also showed 53% of consumers surveyed bought consumer electronics overseas.
Other profitable products are in the following categories:
- Toys and hobbies (53%)
- Jewellery and watches (51%)
- Cosmetics and beauty products (46%)
- Collectibles, memorabilia and art(42%)
- Sports and outdoor equipment (40%)
Once you’ve identified which product category will get traction for your online business, go and engage in cross-border eCommerce so you don’t miss out on lucrative export markets.
If you’re still uncertain, Nicola Longfield, director of small business at PayPal UK, has this to say:
“As growth in the UK economy remains modest it’s time for all British businesses to open their doors to the international shopper. International shopping is increasing at a rapid pace, and this study highlights the small adjustments that businesses can make to capture more global sales. If you set a border around your business, you are simply putting a limit on your sales.”
Have you started selling overseas? Share your experience with us in the comments below.
As always, to your continued success,
Dave & Matt