'UK retailers too worried about Brexit to go global'
New research says almost three-quarters of UK retailers want to go global but over half are too worried about Brexit.
71 per cent of UK retailers would like their businesses to expand internationally but 57 per cent believe there is too much risk.
New data from buy now, pay later service Laybuy surveyed over 200 UK retailers and revealed a range of concerns from the sector when faced with the prospect of selling goods outside their country of origin.
The research also found other factors, such 62 per cent believe that they don’t have the local banking and currency expertise required to expand overseas.
More than three-quarters of retailers (80 per cent) said they don’t have the time and money to manage the difficult process of international expansion.
Despite the issues voiced by the retail industry however, 79 per cent still acknowledged the opportunity for growth offered by international expansion.
Gary Rohloff, right, with son Alex
In response to the findings, Gary Rohloff, co-founder and MD of Laybuy, said: “The introduction of legislation designed to crack down on anti-money laundering, terrorist financing and other illicit activity, although all extremely important, now means that even a basic task like opening a bank account in another market, for example, can be a very arduous process.
“Technology partners are a retailer’s best friend when it comes to global expansion. The right solution can now do much of the legwork.
“Meaning that challenges like managing currency exchange rates no longer need to be a reason to suppress the global aspirations of UK retail.”
Laybuy was the first in the world to offer a buy now, pay later solution in multiple markets, and has launched an online payment form for international customers based in Australasia and the UK.