According to the latest data from Irish payments provider Stripe, Irish companies appear to be more focused on global expansion compared to other businesses (66%). Moreover, the majority of Irish firms planning to expand are eyeing European markets (40%), while 20% are considering North America and another 20% are exploring opportunities in South Asia.
A significant finding from the survey reveals that half of the Irish companies surveyed find it easier to run an international business today compared to five years ago. Additionally, an overwhelming 83% of Irish companies led by a single individual are now involved in international sales.
The survey also highlights that a majority of Irish consumers (83%) are open to purchasing goods from other countries, while 72% are open to buying digital services internationally.
Notably, Ireland has emerged as the fastest-growing digital export destination for both Australia and the UK. The survey conducted by Stripe also reveals that the top five digital export markets for all countries span at least two continents.
Mike Clayville, the Chief Customer Officer at Stripe, emphasizes that digital trade provides opportunities for businesses to expand their markets. He highlights that businesses require simple and effective financial infrastructure to maximize this potential.
The Stripe survey, which included responses from 1,700 business leaders and 11,500 consumers across nine markets, including Australia, France, Germany, Japan, Mexico, Singapore, the UK, and the US, confirms that technology is reshaping the global economy.
Education, although considered an offline industry, is undergoing significant changes with 88% of businesses in this sector selling internationally. Additionally, 70% of these businesses have future plans for further international expansion in the next two years.
Glofox, an Irish-founded software platform specializing in services for the fitness industry, acknowledges the increasing global connectivity of gyms and studios worldwide. Anthony Kelly, co-founder at Glofox, explains how the fitness industry is becoming more homogeneous, aiming to provide consistent experiences, including streamlined international payments.
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