Shopify and other eCommerce platforms are expanding to lead the way in the online company evolution. Let’s look at how Shopify can assist your small business in dealing with the UK’s cost of living crisis. Shopify’s Global Economic Impact report was just revised, revealing new and positive insights within the eCommerce world. COVID’s consequences were so severe that total retail sales decreased by 1.9 per cent in 2020 compared to 2019 — the greatest drop since records began. Despite this, Shopify merchants in the UK generated 197,100 employment and £12.6 billion in GDP in 2021. So, what’s causing this increase?
The ‘Shopify Effect,’ as described by the eCommerce platform, is a ripple effect of entrepreneurship that reaches well beyond the limits of individual enterprises, affecting local communities, families, employees, and suppliers. To summarise, Shopify’s sellers made £38 for every £1 spent last year. But how Shopify effect is possible? According to the Shopify report, the cost of living crisis is affecting online sales. In addition, consumer price inflation increased by 7% in the year leading up to March.
What’s the secret of e-success in the Shopify Effect?
Exports are one of the most important aspects. Exports from UK merchants hit £2.7 billion in 2021, a remarkable 43 per cent rise over the previous year, according to the impact report. As retailers’ attention shifts to international sales, exports have become a major source of revenue. While the UK may be experiencing a cost of the living problem that is influencing consumer purchasing habits, this is not the situation in every country. Let’s take a closer look at how handling exports and selling globally will help you maximize your eCommerce empire and face the UK’s unstable retail market.
How to set up your company to sell internationally
Setting up an eCommerce store to sell internationally isn’t as tough as you would think. Despite having exportable goods, almost 375,000 UK SMEs are not selling globally, according to a new survey by Consultancy.uk.
So, what do you have to lose? To begin selling worldwide, follow these simple steps and keep an eye on your sales:
- Select the most appropriate eCommerce platform for your website.
- When it comes to international shipping, choose a carrier that provides the best customer service and expertise.
- Choose your target markets.
- Create an effective marketing strategy.
- Carefully consider your payment alternatives.
- Select a fulfillment center for your orders.
- Know the tax laws and regulations.
Small business eCommerce platforms that work
You can sell worldwide in two ways.
- The first option is to use an online marketplace, which has its own set of benefits, such as lower costs for exporting items. Many marketplaces, however, offer auto-currency conversion and auto-translation, which can help you avoid some of the issues that come with international expansion.
- The second option is to create your own eCommerce website, which you can do with the help of an online shop builder like Shopify. This way is less expensive and includes a variety of customer service choices as well as online information to assist you in navigating the world of exporting.
Final thoughts
The ‘Shopify Effect’ is real, and in the UK, in particular. The shift to exporting is assisting small businesses in overcoming the retail market’s instability, which is mostly due to the cost of living crisis.
We have a team of Shopify professionals available to assist you with more information on establishing an eCommerce store. If you’re just getting started, check out our small tasks for setting up and developing your online presence.