British retailers could see their export volumes increase seven fold over the coming seven years, freshbusinessthinking.com reports.
New research collected by OC&C Research and Google found that £4 billion of online sales came to Britain from overseas in 2012. By 2020, however, this figure could be closer to £28 billion, as foreign markets look to British-made products with the view of them being of superior quality and design.
If the forecast is accurate, it would mean that overseas sales would go from making up 14 per cent of total volumes, up to 40 per cent over just seven years. It could also bring with it an increase in the number of British retailers seeking out an international merchant account to help them approach this burgeoning market.
Looking at individual markets, America looks set to be the biggest single importer, although rates will grow at a slower pace than some emerging companies. Export values to western Europe, meanwhile, could see an increase from the £1.5 billion recorded in 2012 to £9.8 billion by 2020.
Commenting on the findings, director at Google Peter Fitzgerald told myretailmedia.com: “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.”