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The Brexit referendum had economic implications far beyond the United Kingdom. Pension funds in the US lost value and the GBP’s fall against the Euro will cause a spike in prices – and a drop in sales – outside of the UK. However, sales among UK retailers online increased dramatically among non-UK residents in the week since the Brexit referendum on June 23. Number of sessions, conversions and sales increased among retailers, as cart-abandonment numbers dropped. Conversely, sales among UK residents dropped significantly when compared to previous weeks.
The strengthening of foreign currencies against the GBP lead non-UK consumers to purchase from UK retailers at a significantly higher rate than usual. Barilliance analyzed sales data among 50 UK retailers that use the Barilliance e-commerce personalization technology and revealed that:
Non-UK residents have increasing their visits and purchases on UK sites*
- Shopping sessions: +6%
- Sales: +30%
- Cart abandonment rate: -1.30%
The numbers for UK residents are very different – they browsed more, but made significantly less purchases
- Shopping sessions: +4.40%
- Conversion: +1.50%
- Sales: +3.40%
- Cart abandonment rate: +2.30%
Based on this data, Barilliance encourages UK retailers to increase advertising and marketing budgets geared at foreign consumers by implementing geo-targeted campaigns.