The UK Retail Industry International Action Plan was designed to give government backing to British retailers in their bid to expand into fast-growing and lucrative overseas markets. Has it helped you yet?

With three billion new consumers expected online in the next two years the potential for international retail growth is clearly enormous. How can the UK Retail Industry International Action Plan assist? Can often-admired and digitally-savvy British brands take maximum advantage of these new opportunities?

From strength to strength

Did you know that in 2012 retail was worth a massive £310 billion to the UK economy?

Or that seven retailers (between them worth around £76 billion) are in the FTSE 100?

Or that three million people (around one-tenth of the workforce) are employed in the UK retail sector?

We’re rather good at retail in the UK.

Which is just as well.

“The government considers the retail sector to be central to the economic and social well-being of the nation, and also a key partner in delivering policy.”

The UK Government: A Strategy for Future Retail

But retail is changing fast.

It’s gone multi-channel.

Fortunately we’re rather good at that too.

Big export ideas

With 228,000 online retailers the UK already exports more than the rest of Europe’s eretailers put together.

Some big numbers:

• The value of internet retail sales was £29 billion in 2012, around 9% of total retail sales.
• Mobile commerce expenditure is set to rise significantly with the typical mobile commerce shopper forecast to spend £905 per year by 2017, a 243% increase from 2012.
• By 2016, the UK internet economy is forecast to grow to 12.4% of GDP and online will account for up to 23% of total UK retail – double the size of the online market in Germany, the nation in second position.

International competition

But there’s no room for complacency. Standing still is going backwards. The international competition is hot and the danger signs are already clear.

“UK goods exporters are lagging behind the wider UK recovery.”

EY (formerly Ernst  & Young)

“UK companies need to stay ahead of the game and capitalise on the rapid growth of mobile technology and social media to find new international customers.”

Vince Cable, Business Secretary

So what does the government intend? And how can it help UK retailers?

According to the UK Retail Industry International Action Plan, the precursor to the Strategy For Future Retail Initiative, the aim is to get another 100,000 companies exporting by 2020, while doubling UK exports to £1 trillion.

A key part of the Action Plan will focus on helping multi-channel retailers build international sales.

Action stations

Do you want your company to benefit from this new initiative? Want to boost sales in:

• China?
• GCC (Gulf States)?
• India?
• ASEAN (including Indonesia, Malaysia)?
• North America?
• Mexico and Latin America (including Brazil, Colombia)?
• European Union?
• Russia and Emerging Europe?

The programme will include the development of . . .

• 40 support networks in high-growth areas including China, India and the UAE.
• A UKTI Grow Online, Expand Worldwide campaign with support for 4,000 aspiring web exporters with awareness-raising sessions, webinars and international web workshops.
• Ecommerce masterclasses for 1,200 web export-ready businesses.
• One-to-one expert advice.
• Website reviews and action planning for 1,500 web exporters.
• Help for 600 UK retailers to list their products on leading international marketplaces such as Alibaba in China and Tejuri in the Gulf.

(Source: Internet Retailing)

Real-world retail benefits

The Government and UKTI promise:

• Assistance to retailers, especially the new ‘born global’ companies thriving in the multi-channel retail age, with the development of physical links within new markets and access to partners and knowledge networks.
• To target large firms seeking to adapt their approach and get their ecommerce platforms adopted by consumers in key markets.
• Also to assist SMEs new to export who need to develop their online presence with advice and market development.

With the Trade Association for Online Retail calculating that a single percent growth each year in the Gulf Region alone is worth an extra £900 million of additional business annually, it certainly seems a prize worth fighting for.

Here’s how you can take advantage of the strategy . . .

So what about you? Are you already benefiting? If, not, why not? Make sure you don’t miss out by getting involved. Here’s how . . .

• It is crucial to allow plenty of time to research your potential markets. Identify the markets where your brand will have some salience and consider where your strongest potential partners are. (Be aware of the cachet that existing partnerships may have in certain markets.)
• Don’t make a beeline for the BRIC countries. Demand may be stronger in other emerging markets.
• Customise your brand proposition and product offering for each market.
• Leverage your brand’s heritage – British brands are popular in markets like Japan and Korea.
• Contact UKTI for assistance. It offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. For more information visit www.ukti.gov.uk or the online newsroom at www.ukti.gov.uk/media.
• To find out how to get in touch with your local UKTI team, visit: http://www.uktiofficefinder.ukti.gov.uk/contactSearch.html

If your business could do with an edge to put you ahead of the competition, why not consider how a multi-channel retail system could help you by downloading our free eGuide: 5 KPIs which show it’s time to invest in multi-channel retail software