WorldFirst has launched an e-commerce growth solution to help UK SMEs trade globally. Through the solution accessible via the World Account, SMEs need just one account which has a simple set-up process to start cross-border e-commerce trade.

The World Account brings down the costs of making an international transfer for SMEs. Typically these costs which span compliance, FX and payment operations account for 2-3% of the value of a transfer, but with the World Account, this is reduced to less than 0.75%, according to WorldFirst industry analysis. This helps SMEs boost their margins to sustain long-term business growth.

Bruce Ding, General Manager of WorldFirst International Business, said: “Against this backdrop, there’s an excellent opportunity for many more UK SMEs to tap into the opportunities of international trade. Despite the complexities involved in cross-border e-commerce, with the support of external partners like us, we’re seeing SMEs are increasingly optimistic about the opportunities presented by exporting overseas.

In 2022, the total cross-border e-commerce market in Europe, including the United Kingdom, amounted to a turnover of €265bn (excluding travel). Of this total, €167bn, or 63%, was generated by marketplaces. However, European countries are falling behind compared to those across South America and Asia, where multiple markets have seen significant growth in e-commerce sales, according to eMarketer.

Over half of sellers using WorldFirst’s cross-border e-commerce solution are Gen Z or Millennial

WorldFirst finds that more than 50% of sellers using its cross-border e-commerce solution are Gen Z or Millennials, suggesting these generations of business leaders are more aware of global e-commerce opportunities.

However, challenges, ranging from the complexity in international payment and foreign exchange, payment fraud, and hidden service charges, still put away aspiring business owners, threat survival of start-ups and undermine durability of existing businesses.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

To help solve these challenges, UK SMEs can streamline international operations by partnering with external vendors. UK business owners can open a World Account within minutes to be able to trade like a local around the world. The account supports payment collection with 14 local or cross-border accounts and pay-out in more than 40 currencies to over 130 countries and regions. WorldFirst’s extensive partnerships with key e-commerce platforms facilitate seamless cross-border transactions.