40% of British-based businesses believe the Chinese market will become important for the companies they work for in the next five years.
This is according to new research from mobile payments platform JGOO; a noticeable 67% of businesses also say sales in the Chinese market have grown over the past 12 months.
Richard Morecroft, director and co-founder, JGOO said: “With Brexit on the horizon, British businesses need to review their overseas sales and marketing strategies.
“As the second largest economy in the world and one of the fastest growing with over one billion people, China should be at the top of the list for UK businesses that have products and services that could appeal to this market.”
20% of firms that do not currently trade with China are said to be considering opening their business to do so however obstacles such as past experiences and market knowledge are holding some back.
A total of 27% of those surveyed said they have had a past poor experience of trying to sell in China and this has put them off attempting to do so again.
One in five (22%) admitted to not knowing how to sell, seek advice or launch operations in the country but Morecroft believes there is more than enough support out there.
“Made in Britain’ is a positive message that resonates with many Chinese consumers, and if you are thinking of targeting the Chinese market, you don’t necessarily have to have operations on the ground given that online shopping there is huge,” concluded Morecroft.