Brexit and banking red tape holding back UK retailers abroad, Laybuy
71% of UK retailers would like their businesses to further expand internationally. Yet 57% believe this is fraught with risk, according to research by Laybuy, the New Zealand-based buy now, pay later service that recently launched on these shores in partnership with Footasylum.
The company surveyed 206 senior retail managers in the UK. It found that Brexit is likely having a huge impact on international growth, but other factors are also at play. In fact, 62% believe that they don’t have the local banking and currency expertise required to expand overseas. Other issues include lengthy international supply chains and complex financial bureaucracy.
Gary Rohloff, Co-Founder and MD, Laybuy, says: “The introduction of legislation designed to crack down on anti-money laundering, terrorist financing and other illicit activity, although all extremely important, now means that even a basic task like opening a bank account in another market, for example, can be a very arduous process.”
“Technology partners are a retailer’s best friend when it comes to global expansion. The right solution can now do much of the legwork. Meaning that challenges like managing currency exchange rates no longer need to be a reason to suppress the global aspirations of UK retail.”