Categories: FinanceNews

Online Retailers Immediately Impacted By Brexit Outcome

The Brexit is affecting all of the United Kingdom as we speak. The region voted for a new era, and they will also have to deal with the consequences of that decision. Various UK webshops have temporarily closed their online doors, as they need a “time-out”. It is possible these companies will be forced to rethink their entire online strategy moving forward.

Online Businesses And Payment Methods

One of the biggest questions becomes whether or not online UK shops will continue to accept EUR payments from now on. As the United Kingdom and European have nothing to do with one another anymore, things will be changing very soon. Some European sites may stop accepting payments in GBP as well, creating a very uneasy ecosystem, to say the least.

Among the websites which have temporarily closed their doors is Asos, a widely popular retailer. This platform is well-respected among the UK and European customers for their wide variety of affordable clothing. Unfortunately, that will not be possible for the coming days, as the company put up a warning on their site stating how they “need a little time out.”

It’s hard to say what the outcome of the Brexit will be among online shopping platforms. If sites would stop accepting GBP or EUR payments, things could get very ugly fast. This unnecessary friction between the UK and EU may have a lot of unintended consequences which will affect the job market in both regions.

Related Post

Net-a-porter is a well-known site for luxurious goods. Up until yesterday, the company accepted both EUR and GBP payments on their website. But ever since the Brexit vote took place, they removed the GBP payment option from their platform. This may very well be a hint of things to come.

The consumers will be the ones who feel the brunt of these changes, though. It is convenient for Britons to shop n European platforms and pay in their native currency. Similarly, European customers enjoy shopping in the UK and use their Euros. This war between regions may incur additional currency conversion fees, which otherwise would not have been necessary.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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