A digital trade boom
Why the UK is a catalyst for global business expansion
The UK’s advancing tech ecosystem is enabling commerce visionaries from across the globe to explore a new frontier of digital trade.
In a world of emerging technologies and hyper-digitalisation, international trade is no longer restricted by physical borders. The digital marketplace has opened countless opportunities for commerce businesses to trade goods and services in a way that is more expansive, seamless, and lucrative than ever before.
As part of this digital trade revolution, the UK has become an exciting hub for businesses to harness the potential for digital technologies within the transaction journey. Committed to creating world-leading standards for digital infrastructure, improving accessibility to international markets, and supporting a vibrant scaleup ecosystem, the UK is a dynamic space for businesses to flourish within the digital realm—a sector that reached a positive net balance of trade in services (£25.2 billion) in 2021.
Recognised globally for its vast range of funding initiatives, the UK provides businesses with a springboard into the digital marketplace. Between 2022 and 2023, UK Research and Innovation awarded grants worth a total of £3.1 billion to emerging organisations in science and technology.
Investments like this work in tandem with the Digital Trade Network—a private sector resource that promotes digital trade rules for innovation and sustainable economic development—and the Digital Exporting Programme. Offering UK and international export businesses tailored trade and investment support, the programme equips them with the knowledge they need to create mutually beneficial initiatives within the digital commerce ecosystem.
This year, the UK’s Department for Business and Trade is going a step further with the launch of a new global competition—the Unicorn Kingdom: Pathfinder Awards (UKPAs). Open to global scaleups within Digital Trade Solutions, Artificial Intelligence, Cyber Security, and Connected and Automated Mobility Technology, the awards serve as an accelerator for winners to fast-track their expansion in the UK—and beyond.
SHOPLINE
Headquartered in Singapore with an on-the-ground presence in the UK, SHOPLINE offers merchants the means to connect with a global audience and deliver exceptional omnichannel shopping experiences. By leveraging its regional know-how and local partner ecosystem, it has tailored its unique service offering to the UK market and increased its value proposition exponentially.
SHOPLINE’s evolution since launching its UK headquarters in 2023
For aspiring tech companies looking to follow in the footsteps of SHOPLINE, Anand believes the key is to actively participate in industry events and programmes, like the UKPAs. They can be “pivotal for global expansion,” he adds. These accolades offer more than just recognition; they validate potential, boosting a scaleup’s credibility and fuelling its aptitude for innovation.
SHOPLINE is just one of many success stories affirming the UK as a fertile ground for global scaleups to grow and thrive. To maintain momentum, the UKPAs aim to cultivate a competitive environment—one where some of the world’s most promising tech businesses are granted a view of what operating in the UK could offer.
Winners of each category will receive a bespoke support programme to navigate the UK’s burgeoning digital ecosystem, including access to international markets, venture capital, tech clusters, and regulatory framework.
For aspiring applicants, the Unicorn Kingdom: Pathfinder Awards are now open, with regional and semi-finals scheduled virtually from June. The final ceremony is set to take place in person in the UK, welcoming a new wave of visionaries into a market that prides itself on its remarkable growth potential and unwavering commitment to innovation and collaboration.
