Page 47 - CBM09

~ Newegg/WorldFirst ~

USING

MARKETPLACES

TO MAKE ‘MADE

IN BRITAIN’

WORK FOR YOU

ake one look at the headlines and you’d be And for UK-based businesses, there’s a trump card too: the
forgiven for thinking that there’s never been ‘Made In Britain’ mark continues to be a stamp of authority,
Ta worse time to be a British business trading prestige and quality around the world. More than twenty years
overseas. Brexit, it would appear, has done for after the dawning of Cool Britannia, British made goods and
UK trade prospects what the world’s most famous services still win fans around the world.
iceberg did for the Titanic. Fighting against a tide
of uncertainty and facing the prospect of a period of But common challenges continue to hold British businesses
trade-agreement-limbo, British businesses are at a back. In a recent survey conducted for WorldFirst, fi nding the
big disadvantage. But perhaps that’s not the whole right markets was cited as the main reason for not selling more
story. overseas, whilst a lack of market research and lack of import/
export experience were second and third respectively. It is, in
Just look at some longer-term trends: rising global incomes, essence then, a confi dence game and the success depends on
huge advancements in technological hardware and platforms being confi dent that you’re always making the right decisions
and rapidly improving logistics are making it easier, faster and (impossible) or confi dent that you are managing your risk at
more profi table to trade overseas. Goods can now be shipped every turn (easier).
around the world in days – and sometimes hours – and costs
are around 20% lower than they were even 20 years ago. And that’s where marketplaces – like Newegg – come in.
Marketplaces off er signifi cant advantages to both businesses
And right now, any saving is timely. Since the 22nd June 2016 that want to take the fi rst step on their global adventure but
- the day before the EU referendum - sterling has fallen by also for experienced mini-multinationals looking for the next
as much as 15% against both the euro and the US dollar. It’s new market.
why a solid currency strategy which hedges the implicit risk
of foreign currency is a must for any business operating across For British businesses looking to go global, market-
diff erent currencies. Th rough careful management and expert places off er:
advice, from specialists like WorldFirst, businesses can fi nd a 1. Valuable insights such as audience analysis, sales data, etc
competitive advantage. that can help them answer diffi cult expansion questions like
where, when and why

47