Digital trade reshaping opportunities for Irish firms
Stripe, founded by Limerick brothers Patrick and John Collison, said 83% of sole proprietor businesses in Ireland now sell internationally.
Irish businesses are optimistic about expanding international trade with 74% planning to expand into other countries within the next two years, a new report from payments firm Stripe shows.
The report draws on transaction data from the Stripe platform as well as surveys with 1,700 business leaders and 11,500 consumers across nine global markets: Australia, France, Germany, Ireland, Japan, Mexico, Singapore, the UK, and the US.
It shows consumers are increasingly open to the cross-border purchase of goods and services through digital channels. Up to 83% of consumers in Ireland are now open to buying physical goods cross-border, while 72% are open to buying digital services.
Irish businesses plan to expand in Europe (40%), South Asia (20%) and North America (20%) next. Stripe, founded by Limerick brothers John and Patrick Collison, said 83% of sole proprietor businesses in Ireland now sell internationally, heralding the rise of single-person multinationals.
At the other end of the spectrum, large traditional enterprises—often with thousands of employees—are leaning into cross-border expansion as well. From 2021 to 2022, there was a 28% growth in Irish enterprises selling internationally via digital channels. Globally, 50% of enterprises plan to expand further internationally in the next two years.
The report also shows traditionally offline industries—such as education—are also transforming in a digitized global economy. 83% of education businesses around the world sell internationally today, and 70% plan to expand further internationally in the next two years.
While the purchase of physical goods remains popular, software and apps were the top industry selling internationally on Stripe in Ireland, with companies like Glofox and Cork-based Trustap capitalizing on growth opportunities abroad.
While many of the fastest-growing digital export routes are between neighbouring countries, there are striking exceptions. Ireland is the fastest-growing digital export destination for both Australia and the UK. Germany is the fastest-growing digital export destination for both the US and France.
