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GDP Growth | Exporting to Venezuela | Are you Black Friday ready?

 
GDP beats forecasted growth
 
According to the Office for National Statistics, in the third-quarter of 2017 GDP grew by 0.4 per cent; economists had forecast growth at 0.3 per cent so the figures were a welcome surprise.
 
The UK’s services sector, which accounts for around 80 per cent of the economy’s output, was the driver behind the increase from July to September. A strong performance from the computer programming, motor traders and retail sectors drove the faster-than-expected expansion.
 
The Chancellor, Phillip Hammond, said: “We have a successful and resilient economy which is supporting a record number of people in employment.” The latest figures will possibly bring some comfort to businesses who have shown uncertainty over the deadlock in Brexit negotiations.
 
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Exporting to Venezuela
 
Last week the Department for International Trade (DIT) updated their Venezuela trade and export guide, which aims to support British businesses that are interested in doing business with Latin America’s sixth largest country. Although UK companies have faced some challenges doing business there in the past, 2015 data shows £337 million in goods and services were exported.
 
Venezuela’s economy has been in recession since 2014, however the International Monetary Fund has forecast a contraction of 7.4 per cent for 2017 and 4.1 per cent for 2018.
 
Improved infrastructure is already making rail links slicker and more efficient. More than 300 trains made the journey from China to Europe in 2014 and by 2016 the number had surpassed 1,700. This is expected to double every year until 2020.
 
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Is your ecommerce business prepared for Black Friday?
 
Ecommerce businesses should be in the midst of seasonal preparation, especially for Black Friday. Peter Keller, founder and CEO of strength and conditioning equipment company, FringeSport, shares his advice on Black Friday opportunities – and pitfalls.
 
Peter says that as shoppers are primed to buy over that entire weekend it is a vital customer acquisition opportunity that should not be missed. His ecommerce business experiences spikes in traffic and conversions throughout this period and actually reaches its highest overall conversion rates for the year on Black Friday.
 
On his experience of cross-border ecommerce he said: “before we started selling outside of the UK we had a turnover of around £6.5m […] last year we posted £10.9m with the bulk of our sales coming from overseas, this growth is directly linked to our ability to offer local payment methods.”
 
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Thursday 02 November 2017

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