UK Small Business Online Retailers Confident for 2020 and Beyond

UK Small Business Online Retailers Confident for 2020 and Beyond

Seven in ten (70 per cent) UK small business online retailers are confident that their sales will increase in 2020, according to a study commissioned by Royal Mail.

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Among the main reasons for this is that they plan to increase advertising/marketing spend (48 per cent) and make changes to improve the customer experience (36 per cent).

Seventy-nine per cent of these retailers rate the prospects for business as good or excellent over the next five years. With global reach and the leading enabler of ecommerce in the UK, Royal Mail is well placed to observe trends across the industry.

The biggest perceived challenges for UK SME online retailers in 2019 are online competition, economic uncertainty in the UK, and pricing goods competitively. Sixty-two per cent of retailers experienced an uplift in sales last year, compared to the previous year.

UK Small Business Retailers Look at Cross-Border Trade for Growth

UK SME online retailers are increasingly looking overseas to increase their sales. The study also found two-thirds (66 per cent) of UK small business online retailers currently sell abroad. These retailers sell the most to Europe, USA, Asia, and the Middle East.

In the coming year, 62 per cent of online retailers intend to increase their international sales revenue. Key plans for increasing global sales revenue include: simplifying the sales/ordering/delivery and payment process (33 per cent), selling more to the markets they already sell to (28 per cent), and targeting new markets and countries (21 per cent).

“As we enter a new decade, the level of business confidence is promising for 2020 and the years beyond. Royal Mail already supports a wide range of retail businesses, providing them with the tools they need to succeed in the UK and across the globe. We look forward to working with even more of these great businesses this year.”

 

Shane O’ Riordain, Managing Director of Marketing, Regulation And Corporate Affairs, Royal Mail

How do you see your sales in 2020 and beyond? Do you have the same confidence as this report suggests?

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READ MORE: Square Capital Report Shows Small Business Creditworthiness Confidence Holds Steady Heading Into 2020

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