New government measures to boost exports for businesses hit by Covid-19 will come as great news to many retail executives. It seems that many retailers have been hit badly by Covid-19, as less of the population are hitting the high street. While shops are now open again, social distancing and facemask rules mean that the shopping experience is now very different for consumers.
To support the retail industry in exporting overseas post-Covid, the government has announced a series of new measures. This announcement unveiled the new Consumer and Retail Export Academy. The purpose of this academy is to give firms the skills, knowledge and networks that they need to increase their overseas exports.
The Department for International Trade has pledged to support the sector by boosting companies’ eCommerce capabilities and export skills. They have described retail as a ‘key pillar of the economy’, as it contributes billions each year.
Other measures have been announced to help the sector. Firms will be given access to the new Department for International Trade partnerships with B2B businesses. Plus, they will give support to firms, to help them get the most out of opportunities that come from new trade deals. This will include allowing brands to display their offerings at big events, such as the Tokyo Olympics and Expo 2020 Dubai.
There have been many challenges faced by the industry due to Covid-19, especially as retail has typically relied on face-to-face interactions. Graham Stuart, exports minister, has said:
“This package of support will give businesses the helping hand they need to adapt their methods and thrive in the future.”
The British Retail Consortium has also praised the support. They showed their approval in a tweet, praising DIT for helping the retail industry bounce back and trade normally again.
Tradeshow Access Programme
Many trade organisations have suggested that many going into the Tradeshow Access Programme (TAP) had been taken out and not reallocated. TAP offers £2,500 in grant funding, to help with costs of businesses exhibiting at overseas trade shows. Many of these shows have been moved online or cancelled. The Export Partners UK group has written to the government asking them to use these funds to educate firms on using online platforms, where these trade shows will now occur.