A REPORT BY BARCLAYS BANK
By SADIE WHITELOCKS FOR MAILONLINE
PUBLISHED: 06:10 EDT, 16 March 2018 | UPDATED: 06:18 EDT, 16 March 2018 In a new study, 68% of respondents said they favoured products from the UK The majority associated items from Scotland with being the most British 75% of British expats said they would pay extra for UK goods to be shipped The 'Made in Britain' stamp has been revealed as the ultimate sign of quality, with 95 per cent of foreigners saying they looked to it as a mark of craftsmanship. In a new study, 68 per cent of respondents said they were more likely to buy products from the UK and they associated items from Scotland, such as haggis and whisky, with being the most British. And the research showed that UK fashion firms are dominating the world market. The 'Made in Britain' stamp has been revealed as the ultimate sign of quality, with 95 per cent of foreigners saying they looked to it as a mark of craftsmanship +1 The 'Made in Britain' stamp has been revealed as the ultimate sign of quality, with 95 per cent of foreigners saying they looked to it as a mark of craftsmanship Looking at Google search data trends, Asos was revealed to be the most searched for British fashion brand around the world, with the e-tailer proving most popular in Australia, France, Germany, Spain and the U.S. However, in China Burberry made it to the top spot with Next, Asos, M&S and Topshop trailing behind. PrettyLittleThing is tipped to be a new contender on the British fashion front, creeping into the U.S. and Australian top searches. Continuing on the more affordable end of the market, M&S was found to be a hit in Ireland, Cyprus and Hong Kong. Meanwhile, Sports Direct received interest from those living in Ireland, Latvia and Estonia. And Brits miss homegrown goods when abroad. Three quarters of expats said they were prepared to pay extra to get goods shipped, with clothing from brands such as Asos, Burberry, Next and Topshop proving popular picks. Looking at Google search data trends, Asos was revealed to be the most searched for British fashion brand around the world, with the e-tailer proving most popular in Australia, France, Germany, Spain and the U.S Looking at Google search data trends, Asos was revealed to be the most searched for British fashion brand around the world, with the e-tailer proving most popular in Australia, France, Germany, Spain and the U.S The research, by delivery management company Whistl UK Ltd, found that purchasers are influenced by popular culture. For example, in the past few years there has been a 63 per cent increase in popularity for traditional British tweed clothing, which might be attributed, in part, to hit TV show Peaky Blinders, which is set in 1920s Britain. Branching out from fashion, the survey found that Burberry, Cadbury and Rolls-Royce are considered the three most ‘British’ brands. Commenting on the findings, Whistl's marketing director Melanie Darvall said: 'Exporting is really key for the UK - not only does it allow UK firms to expand into international markets, but it also gives us a chance to fly the flag for British made goods. 'Providing e-commerce solutions for the fashion industry is a focus for us and we were certainly surprised to see that UK fashion is as popular abroad as it is at home, and sometimes more so. 'The fact that UK products are so popular and held in high regard around the world is great for British industry and our international growth as a business. We hope that this continues for years to come.' So you want to sell abroad! Exporting is the next step for growth and you are on the path to success. Congrats!
So what questions should you be asking yourself before taking the jump? Have you done your research? How much market research have you done? Can you can stay viable if you expand? Laurian Davies, International Business Development Executive of The Register of Apparel and Textile Designers said: “Research is vital. You need to know who your competitors are, what they are doing, plus any background on the shops and countries you want to export to.” Research thoroughly before embarking on an overseas expansion. Failure to do this, will cause unnecessary losses for your business. Should I test my product? To maximise profits, testing your product on an online marketplace will help you consider where you need to focus your sales. Ebay or Amazon are obvious starting points, but there are many online distributors to choose from. Amazon may be big in the UK and in the US, but may not be the first choice for international customers. Alternatively, trade shows can be a valuable first step for many small businesses. Operating worldwide, with specialist shows in every sector imaginable, trade shows allow you to test your products and gain feedback from local and international buyers. Taylor + Rani, a London social enterprise selling underwear for teenage girls, decided they were ready for expansion and are now selling all over Europe and in Japan. Isobel Barclay, founder of Taylor + Rani said: “Lyon was my first international trade show, I was relieved that I had done research to fully prepare myself. I knew what sort of people would be attending, and I had the answer for every question prepared. I ended up closing deals with a dozen buyers in just three days.” What does the wholesale cost include?When working out your wholesale price consider the following costs:
Laurian Davies said: “Don’t let the buyer dictate the terms. You should be knowledgeable enough to be able to negotiate. “Inco terms will give you the ability to communicate clearly a set of contractual agreements associated with the transportation and delivery of goods worldwide.” The Inco Terms (or The International Commercial Terms ) is a set of pre-defined commercial terms published by the International Chamber of Commerce, created to clear up any interpretation problems. Regularly incorporated into sales contracts around the world, the Inco Terms are recognised by governments, legal authorities and practitioners worldwide. Prices may vary depending on which country you want to export to. Read the conditions carefully and again, clarify all prices before you agree to anything. What do I need to do once I have made the sale?Business is booming and you want to convert your sales into pound sterling. So what are your next steps?
Don’t get caught up in legal trouble abroad!There are legal restrictions and trade barriers in place internationally to control trade when exporting. Make sure you know what those are before agreeing to any sales abroad. Advertising laws differ in various countries. An advert may work in the UK but not elsewhere. Research all your marketing strategies before spending money on a campaign that may be inadequate, insensitive, or illegal in your new target market. Remember what you can and cannot export. Make sure that whatever you choose to sell is legal. Consider safety requirements. For example, in the EU, nightwear has to be flame retardant and tested to conform to the EU Safety Standards Taylor + Rani. So how do I export?
Exporting is vital to business growth. It is not easy and can be costly, but is worth it. For more information on exporting you can find a list of helpful websites below. Country guide with every business opportunity Information on Intellectual Property Safety Standards for exporting Tradeshow guidance Click here to Reply, Reply to all, or Forward 12.4 GB (82%) of 15 GB used Manage Terms · Privacy · Program Policies Last account activity: 0 minutes ago |