According to the International Business Report, global business confidence is at an all time high, with the exception of UK corporations. Since the Brexit vote, uncertainty has hounded the country, making small, medium, and large corporations weary of a future outside the European Union. With such uncertainty, in particular on the potential rise in imports and high taxes on exports, many businesses are turning to online platforms to increase revenue. According to a report by Capital Economics (commissioned by Amazon), the “number of small and medium-sized enterprises (SMEs) trading online is set to rise to 88% over the next 12 months, compared to the 64% that currently take advantage of e-commerce”
To do this, British companies are looking to sale products through their own website (up from 50% this year to 68%), mobile apps (up from 13% to 24%), and third party platforms (set to increase from 21% to 27%). the new increase makes sense with more people access the internet then ever before, and with an uncertain economic future.
According to the Daily Mail, firms “that embrace e-commerce expect faster revenue and jobs growth over 2018, with online retail adopters expecting a 1.9% rise in sales compared to a 0.6% rise among firms that do not trade online. SMEs with e-commerce operations are forecast to see a 0.8% rise in jobs growth, compared to 0.4% from those without online sales.” Look for a record number of British companies to sell products and services online by the end of the year. This also means that payment processing companies in the country may get a boost as well in the coming 12 months, so keep your eyes peeled for opportunities.