UK-US trade talks | ‘Buy now, pay later’ demand | The subscription economy

Posted on 5/03/2020 by DHL Express

UK-US trade talks begin

This week, the UK published the negotiating objectives for a free trade agreement with the US. The agreement will bring advantages for the whole of the UK, with Scotland, the North East and the Midlands forecast to see the most benefits from removing barriers to trade with the US.

The Prime Minister, Boris Johnson, said: “We have the best negotiators in the business and of course, we’re going to drive a hard bargain to boost British industry. Trading Scottish smoked salmon for Stetson hats, we will deliver lower prices and more choice for our shoppers.”

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‘Buy now, pay later’ products to double by 2023

A new report has found that ‘buy now, pay later’ schemes are growing annually at 39 per cent, and are predicted to double their market share by 2023. The UK’s e- commerce market is currently the third largest in the world and set to be worth £319.8 billion in the next three years.

“Convenience is the driving force behind the boom in digital and mobile wallets. Global consumers now expect convenient and connected, omnichannel experiences,” said Shane Happach, Head of Global E-commerce, Worldpay Merchant Solutions.

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The subscription economy

Over the years, the popularity of timetabled deliveries has grown exponentially. Whether it’s razors, makeup, or even furniture, the rise in regularly-received goods and services have seen all sorts arriving on doorsteps at scheduled intervals.

With subscription businesses growing in the e-commerce market by more than 100 per cent annually, this model shows no signs of slowing. 60 per cent of Britons say that they sign up for subscription services to save money while 45 per cent do so for the convenience.

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