Scurri – Brexit could lose UK £33.4bn

Ireland based cloud fulfilment platform Scurri has warned that the UK could lose £33.4bn in e-commerce sales as a result of the Brexit referendum result.

The Irish company has also said that it may have to move its operations to the UK to serve its customer base more fully outside of Europe.

According to a statement from Scurri: “In 2015, £455bn was spent by Europeans consumers online on ecommerce sites, £157bn of this was from the UK alone. For 2016, this figure is expected to reach over £510bn for the whole of Europe but the UK’s expected increase of £33.4bn to £173.6bn in 2016 could be lost as a consequence of the Leave vote succeeding.”

Rory O’Connor, Founder and Chief Executive of Scurri, commented: “This result is going to have quite a monumental effect on e-commerce sales in the UK and we have already seen proof of this with crashing for its users in the early hours of Friday morning since the official result was announced.

“Almost 10% of sales done on UK websites are from outside of the country, and now, this could all be threatened or even lost with consumers not willing to purchase their products off UK based websites.”

O’Connor added: “It’s obviously very early days but we’re going to be keeping an extremely close eye on how things develop and pretty soon, I can imagine our data showing us what many expected with UK online retailers really taking a hit due to this morning’s result.”

In a situation of such uncertainty and chaos there will be a lot of nervous analysts trying to see what is happening. The political and economic situation is so huge that this may take quite some time to assess.