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Sir Keir Starmer‘s government must boost e-commerce tech take up, target emerging markets and help female business leaders export to turbo-charge Britain’s economic growth, a report has said.
Only about 10 percent of small and medium sized businesses in Britain export despite evidence showing those trading internationally employ more people and make more profit.
Experts at the cross-party thinktank Social Market Foundation and The E-Commerce Trade Commission have urged ministers to back British businesses by helping their owners adopt trade technology.
Social Market Foundation’s report found boosting the take up of trade tech, increasing help for firms to target emerging markets and supporting exports from small and medium-sized enterprises led by women would make a “significant difference” to the UK.
Richard Hyde, Senior Researcher at Social Market Foundation and author of the report, said: “The vast majority of British businesses are smaller businesses, but too few of them are exporting at present.
“Achieving higher levels of exporting should be a key lever for the Government’s growth mission and it should take the steps necessary to ensure more SMEs are able to contribute to this aim.”
The report was launched by the Chartered Institute of Export & International Trade (CIOE&IT), which chairs the E-Commerce Trade Commission.
Its Director General Marco Forgione said: “This research is vital to help policy makers understand what support businesses need to boost their export potential through e-commerce.
“The importance of empowering small businesses to reap the benefits of global trade is a must. It is key we use the power of trade tech to harness this potential and explore emerging markets.”
The Government has put growth at the heart of its agenda so will want to do all it takes to help SMEs, which account for 99 percent of British businesses and half of private sector output.
Evidence shows the proportion of the total value of UK goods exports accounted for by SMEs has fallen from an estimated 40 percent in 2010 to around 30 percent by 2020.
Minister for Services, Small Business and Exports Gareth Thomas MP said: “When our exporters thrive, the UK economy grows and this report from the Commission highlights just how important e-commerce exports are as a driver of growth to the economy.
“We are working with industry to boost digital trade so that more small firms can export right around the world and our modern industrial strategy will help us deliver long-term, stable growth that supports skilled jobs.”
The findings showed technology including digital payment systems, e-commerce platforms and data analytics as beneficial for small business owners looking to access emerging markets.
But obstacles such as red tape, customs procedures and tax issues were cited by the report author as factors hampering trade tech take up.
The report also recommends a mentoring scheme for SMEs led by women who are thinking of exporting. A previous study found 70,000 small business that could export using e-commerce, but aren’t.
