In an age where digital transformation is reshaping industries at breakneck speed, retailers in are facing a pivotal decision: to adapt or to be left behind. With the increasing prevalence of e-commerce platforms and changing consumer behaviors, establishing an online presence is no longer an option; it's a necessity for survival and growth. A key ecommerce marketplace is that of the United Kingdom; here are several compelling reasons why you should embrace it today.
UK Ecommerce Market Size
Let's start with the basics. 67 million people, and counting. The United Kingdom is comprised of 4 nations; England, Scotland, Wales and Northern Ireland, with the vast majority residing in England. A population with a respectively high disposable income and an appetite for online spending, the core ingredients for your ecommerce success are in plain sight. As an extremely developed online nation, the British people spend over 25% of their total purchases online, with this expected to grow to over 30% in the next 4 years.
With a GDP (Gross Domestic Product) of over $3 Trillion (as of 2022), the potential market is huge. In fact, depending on which metric is used, the UK ecommerce market is the third largest in the world, only exceeded by that of the USA and China. Why would you not want a slice of that?
Language
Often overlooked, the face that English is the 'World's language', certainly helps when it comes to product development. Yes, minor tweaks will be required from country to country, but the basic language on the product will be very similar to that of the United States and Australia, therefore enabling stock to be used across multiple marketplaces.
Online development, such as product descriptions, is made easier due to overlapping content. Indeed, you will need to make alterations to your online pages, to reflect spelling differences or refer to local nuances, but the core content can remain relatively unaltered.
Revenue Stream
As a retail business owner, you will always be looking for ways in which to expand or improve your cash flow. There is no better way than expanding abroad, especially to a country with significant disposable income and a highly developed online market. The best way in which to consider the UK's ecommerce industry is that of a 'baby USA'.
That being said, the UK boasts (perhaps not the correct word depending on your point of view) a significantly denser population than the USA; 270+ people per square kilometer versus only 37 people per square kilometer. Why is that important, I hear you say? Speed of delivery. Due to the country's relatively small footprint, the ability to reach millions of people with Next Day delivery can only be replicated in the USA by utilising multiple warehouse locations.
So, how do I do it?
It's all very well and good throwing numbers and statistics at you but the real questions go much deeper. What strategies do I implement? What are the local laws and regulations? Do I sell the same products in the UK as anywhere else? Well, there are many questions to be answered, and they are all equally important for a successful, long-term UK presence.
Thankfully, we at Danum Fulfilment are in prime position to help you launch or scale in the United Kingdom. Look out for our next articles answering all the important questions you will need to consider but, for now, we hope the basic country profile shows you a real expansion is certainly possible, perhaps easier than you may think.
Get in touch with us today here or book a free 30 minute online appointment to see just how much help there is to launch in the United Kingdom. Don't get left behind.