Britain's internet retailers reap benefits of selling overseas

The decline of the value of the pound led to the foreseeable reaction that online retailers offered their customers the discounts of up to 25 per cent. As a result, Asos, the online fashion retailer, following Amazon and eBay announced yesterday almost a near-threefold increase in international sales. The combination of exchange-rate volatility and the internet has handed an opportunity to shop to those without the time, money or inclination to travel to London. Asos's international sales are now about a third of its business, having risen 173 per cent in the four weeks to April 24, against the same period last year. Overall, Asos's sales rose 104 per cent to £165 million and the company said that full-year pre-tax profits were likely to be slightly ahead of forecasts. EBay, the auction website, said that British sellers took advantage of the weak pound by selling to Europe. This January exports by 244,000 British-based sellers rose by 49 per cent against the previous January. The United States was the biggest market, worth £9.5million in January, followed by the main euro-dominated markets Germany (£6 million), France (£5.4 million), the Republic of Ireland (£5.3 million) and Italy (£4.3 million). James Roper, chief executive of IMRG, the internet retail trade body, said: “This is a golden opportunity for British retailers, who are some of the most advanced online practitioners in the world and who can ride on the UK's global reputation for trust, integrity and efficiency.”