How European Businesses Can Keep Up With Shifting Trends In UK

For those undertaking business in Europe, and in the UK specifically, what trends do you need to be aware of, and how can you keep up?

• Digital Marketing & GDPR

GDPR has caused a ripple effect in the way businesses tailor their digital marketing strategy, so it not only abides but also necessarily understands the new laws regarding how enterprises manage and use customer's data.

Areas where companies need to be extra careful include:

• Email marketing
• Marketing databases
• Consent boxes and pop-ups
• Personalised ad targeting

Failure to comply with GDPR can be extremely damaging for businesses, with hefty fines involved.

Some easy ways that you can avoid being caught out include fully updating your database, and clearing out any customer data held before 25 May, as you are now holding onto this data without permission from the recipient. In terms of the future, it is worth auditing your mailing list, and updating your privacy statement is an absolute must. Keep your customers informed of any changes, as this can cover all bases.

• Consumers & Cryptocurrency

Another trend that is sweeping the nation and has captivated users in most recent years is Cryptocurrency. As a trend, it should be on the mind of businesses due to the potential for it to grow in the years to come.

Cryptocurrency in brief

Cryptocurrency is a digital currency that uses blockchain technology as a means of security. The benefits include the fact that as a currency it is not tied down to centralised institutions, such as banks and instead stands alone as a secure, decentralised digital currency. For businesses, adapting to accept cryptocurrency may be a consideration, as, reportedly, there are services worldwide that now accept cryptocurrency for goods and services. Casinos in Las Vegas have ATMs for bitcoins, for example. Some businesses have seen the rise in popularity in cryptocurrency as an ideal opportunity to provide a product or services to this gap in the market. This includes companies who offer assistance for managing crypto taxes, allowing its customers to control their crypto taxes with ease. Understanding the tax payments involved in cryptocurrency is essential for consumers and businesses alike.

• Traders & Brexit

Brexit is currently in the process of being finalised, and the exact effect of this on traders working with the UK is not yet known. However, companies will need to be aware that most likely, the framework of exporting and importing goods will need to be reconsidered. Processes including customs procedures, passports controls for business travellers and regulations relating to environment and health and safety will likely need to be considered.

For companies both small and big, Brexit will affect your business if you are trading within the UK, or are operating in the EU and trading with the UK. This will be an evolving process until Brexit is finalised, but nevertheless should be on business' minds looking forward.