More than half of British retailers do not have plans in place for Brexit, according to a new study.
Three years after the referendum result, Global-e has found that not only are retailers unprepared for Brexit on 31 October, but the ongoing uncertainty has left more than 50% with a number of concerns.
The survey found a third of retailers will be forced to ramp up prices and nearly half are anticipating a collapse in consumer confidence in the UK post-Brexit.
More than 30% are also considering rationing stock in the event of shortages and 43% anticipate difficulties in sourcing goods and products.
The study of 200 British retailers also found that in the lead up to Brexit more than a third have experienced a fall in sales and will be forced to raise their prices post-Brexit.
Despite some retailers benefiting from the weaker pound, making UK products more appealing to overseas buyers, others have had to endure more expensive raw material prices.
Global-e co-founder and CMO Nir Debbi said the survey shows how “acutely aware” retailers are of the issues facing businesses in the wake of Brexit.
“The government has set a formal date for Britain’s exit, which unfortunately falls right before peak trading [...] adding an additional layer of concern,” he said.
However, Debbi is optimistic for the retailers selling abroad.
“The data shows that while nearly 90% of larger organisations are embracing cross-border e-commerce.
“However, cross-border trading isn’t just an opportunity that only large retailers can capitalise on.
“Tailoring the online experience to cater for cross-border selling can be a simple, quick process that can open up new routes of growth for retailers of all sizes during these challenging times.”