UK businesses are focusing on growth opportunities in international markets as they seek ways of overcoming the Covid-19 crisis, according to an independent survey commissioned by Logistics firm One World Express (www.oneworldexpress.com
A survey conducted with 900 decision-makers within UK businesses, found that 43% have pivoted their product or service since the pandemic began – this being particularly true of large businesses (57% among firms employing over 250 people).
A quarter (24%) of companies have also begun selling to new demographics of customers since the lockdown began in March.
One World Express’ research showed that, at present, 42% of UK businesses export their products or services globally.
However, in light of the difficult trading conditions resulting from coronavirus, 57% are considering expansion into new international markets in the months ahead, with a further 44% saying Brexit has prompted them to explore new export opportunities outside of the European Union.
Almost half (45%) of private sector organisations say the pandemic has made them realise they are overly reliant on one particular marketplace – this figure rises to 58% among large businesses. Meanwhile, a slim majority (51%) of decision-maker, while 43% feel the cost of doing so would be prohibitively high for them to make a profit from the move.
Atul Bhakta, CEO of One World Express, said: “At a time when the world has been turned upside down, it is unwise for business leaders to believe they can simply “keep calm and carry on”. So, it is positive to see many companies taking bold action in the midst of the pandemic.”
“Exporting globally could be the difference between life and death for businesses in 2020. After all, countries around the world have been affected by the virus’ spread in different ways, so any business that sells to a broader range of markets is giving itself the best possible chance to succeed.”
“Importantly, while many UK business believe expanding into international markets would be too complicated or costly, this is not the case. Selling products or services cross-border is both simple and affordable, as long as they prepares thoroughly and find the right partners.”