If you’re a UK retailer or business that exports products within the Eurozone, you can ill afford to take a “wait and see” approach before addressing these changes. Finding yourself playing catch-up to your competitors could easily result in lost sales and/or market share. Instead, savvy companies are proactively treating Brexit as they would with other disruptions to their international supply-chain and have already begun taking necessary actions. These include reviewing both the capabilities of their existing trade compliance software, as well as their current logistics/distribution models.
While the requirements for conducting trade with the UK after its departure from the EU have yet to be finalized, all indications are that it will almost certainly contain changes to both documentation and procedure. However – according to a recent survey of more than 250 UK retail decision makers – more than two-thirds of British retailers have yet to begin planning for Brexit in spite of the fact that the majority of UK businesses believing that trade with the EU will become more complex after the UK leaves the Eurozone.
While the full impact of changes to the trading environment remain to be seen, one thing is certain: to succeed in a more complex trade environment, retailers and other exporters will need a strategy to deal with the rapid changes that are likely to take place. As a seasoned provider of Global Trade Management systems and supporting services, Precision is prepared to assist you with both.
A global trade compliance strategy is only partially about being prepared to properly fill out forms and paperwork, although this aspect of compliance is an important first step in ensuring that your business is prepared to follow the rules.
In an uncertain trading environment, an even more important aspect of your strategy needs to be about flexibility. When rules can change overnight, your global trade compliance strategy should more about being able to adapt and respond to changes as they happen.
A Brexit-proof global trade compliance strategy must be able to:
Compliance software your business can:
An effective yet flexible global trade compliance strategy is a critical consideration in an omni-channel retail environment where more retailers are selling goods to customers abroad and where trade regulations are rapidly changing. When your customers can come from anywhere, you must be prepared to ship your products anywhere—and this reality demands a solid trade compliance strategy.