Helpful Articles, Small Business

How SMEs power the UK’s economy

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When we think about businesses powering the UK’s economy, we often think of the big corporations providing jobs for thousands of employees. But did you know that SMEs are just as important?

In fact, at the start of 2020 there were 5.94 million small businesses (with 0 to 49 employees), 99.3% of the total business in the UK, meaning that SMEs account for 99.9% of the business population (6.0 million businesses). As a result, SMEs account for three-fifths of the employment available nationally.

And what’s more, SMEs turn over more than £1.6 trillion each year! So the bottom line is that small businesses have a huge impact on the economy as a whole.

Although it’s not always easy to keep going as a small business, especially in a pandemic.

How has Covid hit small businesses?

Although small businesses are essential to the economy, unfortunately Covid-19 posed a huge challenge to SMEs nationally. This combined with the challenges of Brexit has meant a turbulent year for many.

In fact, as a result of the dire circumstances many SMEs have faced, a record 250,000 small firms are set to close. And as we wave goodbye to the smaller firms, we also have to wave goodbye to jobs too.

If you’re a small business owner wondering how to stay afloat in difficult times, all is not lost. To help SMEs like yourself, we’ve put together our top tips to stay you stay afloat.

Top tips for small businesses

  1. Keep organised

It goes without saying, but those who fail to prepare are preparing to fail. In uncertain times especially, business leaders need to be organised and in touch with everything that’s going on externally.

By staying organised, you can make sure you’re on target to complete all the tasks necessary for success and ensure nothing falls by the wayside.

  1. Consider outside investment

Sometimes, you’ll need a little helping hand. Whether it’s stumping up the cash to purchase stock or expand your business premises to offer a new service, sometimes you need a little extra cash.

In fact, many small businesses choose to opt for business loans to help them expand. If you’ve properly researched your options and are able to make the repayments, they can be a great way to get things off the ground.

  1. Understand your risks

Although not many of us had “worldwide pandemic” down on our risks sheet at the start of 2020, actually assessing the risks to your business and the potential rewards can be a great strategy.

Try to ask yourself what the potential benefits of would be with that risk, compared to the downsides.

If the potential benefits outweigh the downsides – go for it!

  1. Get creative

In a world where competition is rife, it pays to get creative. To stand out from the crowd, think about how you could get creative with your approach. After all, you may just discover something groundbreaking!

The bottom line

The bottom line is that it’s not easy for small businesses, but their survival is crucial to the UK economy.

If your business is on shaky ground, then it’s important not to give up! Whether you look to mix up the way you do things or seek external financial support, help is available for those who require it.

Helpful Guides

How to become a taxi driver in the UK

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Becoming a taxi driver can be a rewarding career switch or career start. You get to set your own hours, meet and chat to all kinds of people and carry out a valuable service which helps get the public from A to B. But how do you start this career? Below we explore how to become a taxi driver in the UK.

What kind of people are suitable for taxi driving?

Some people are more suited to being a taxi driver than others. There’s the public-facing aspect – those who are friendly and like talking to customers are more likely to succeed. On top of this, you need to be healthy enough to drive around for a long stretch of time each day. And then there’s the directions: you need to have a strong knowledge of the local area, and if not, have map reading skills to compensate.

What qualification do you need?

You need a licence to become a taxi driver. There are two types and It’ll be depending on inside or outside London. Outside of London, you need to apply to your local council for a special licence. To be eligible you’ll undergo a fit and proper persons check (essentially an evaluation of your character and background), plus you’ll need to have been driving for over a year.

Inside London you’ll need to apply to Transport for London (TFL) for a licence. This follows similar tests, but you’ll also need to prove your knowledge of London.

How much money do they make?

In the UK, £14,000-£30,000 is average salary depending on your hours, which can be stretched up to around 43 hours per week.

Buying a taxi

When you buy a taxi, you need to get a perfect one as they will become your work buddy for many years. Think of how much money you can get a profit from, which seat is comfortable for you, what kind of features you are looking for. Passengers will be hoping for a smooth ride, an adjustable temperature depending on the weather and plenty of space to sit. Just make sure you purchase from a reputable taxi seller, that can meet your needs while providing expert aftercare.

Becoming a taxi driver will take dedication and discipline, but by following the above advice you can make a start on taking up this rewarding career.

Apps, Social Media, TikTok, YouTube

How You Can Use Technology For A Business Advantage

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If you are a business owner with products or services to proffer, you need a way to get your information “out there” for the masses of potential consumers to engage with and experience. Enter technology. There are a variety of ways to work with and use technology to your continued advantage.

App

Everybody seems to have a mobile phone. They are practically extensions of oneself at this point. You use your phone for shopping on all levels, ordering food, purchasing tickets, research, and entertainment, and the list goes endlessly on. This is why you need to engage with a professional company for mobile application development. 

Can you imagine seeing your company as an app on a smartphone? Consider the endless ways you can meet your customers’ needs and meet them where they are at that moment. When they need something, they press the tile and the world which is your company opens up for them to engage with.

If you think that creating an app is a daunting prospect, think again. A team of developers will meet with you to discuss your ideas and gain knowledge of your company. If you already have a website in place, they will use that as a building block in the creation process. Next, they will create a bespoke solution that will grab your app users’ attention and keep them coming back for more.

Social Media

The term social media has different connotations for different groups. While the distinctive platforms connect people socially on a personal level, they can be masterful tools to wield to create a professional online presence.

Create company accounts on a variety of social media platforms for maximum exposure. You can use Instagram to create curated stories about your company and any social programs you and your employees support. Show your followers who you are and what you stand for. Make videos on TikTok showing how your product functions in different settings. Craft expert videos for YouTube showing tutorials and guides for how to use your products. Use Twitter to keep your followers up-to-date on the latest product releases or offer teaser tweets for upcoming events.

Here is a quick overview of how to use social media to help your business.

https://youtube.com/watch?v=_8nZDN7nJS4

Dedicated Employee

An actual human employee is certainly not part of the technical equation; however, if you notice an increase in digital traffic across apps, websites, and social media platforms, it may behove you to designate an employee to monitor these. Having either a full-time focus on these areas or adding it as part of a current employees’ job description will prove beneficial.  

When your company can respond to comments, whether they are positive or negative, and answer questions about your products or services, that immediate attention to social media will show the world that you care enough about their thoughts and concerns to be attentive and respond. If a dissatisfied customer posts something negative, or even an honest review that does not reflect well for you, your employee can acknowledge their issue and offer to remedy it. 

This is all done in the public eye and reflects transparency. All of this effort further advertises and promotes your company. Today, consumers want to know more than the product they are purchasing. They want to know the values and ethics of the company behind the product.

Electric Car, Electric Vehicles, EV, EV Chargers, Gadget Man

Cashing In: First Look at the EV Charger that gives you Rewards and Puts Your on the Road to Net Zero, Simply by Plugging In

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The demand for convenient, intelligent, and incentivised electric vehicle charging has been met with the launch of the INDRA Smart Pioneer.

Unveiled to drivers for the first time at Fully Charged OUTSIDE 2021, INDRA’s Smart Pioneer signals a new standard for electric car charging. With a simple plugin and go message for users, the charger is an intuitively smart piece of kit, making it easy for drivers to shift their charging patterns to off-peak times, save money and earn rewards.

Indra Smart PRO at Fully Charged OUTSIDE
Indra Smart PRO at Fully Charged OUTSIDE

Coupling leading technology with reliability, the Smart Pioneer helps drivers to reduce their environmental impact. By managing their charging schedule and shifting up to 80% of energy use to off-peak tariffs, it can lessen the demand on the grid and see customer carbon emissions fall by an average of 20%.

Working in tandem with the ev.energy companion app, the rewards platform automatically taps into the times when energy is at its cheapest, and offers rewards back, meaning drivers can claim over £250* per year in energy savings, retail incentives and get involved in projects like local tree planting to help offset their carbon emissions.

Ben Kelsey, Chief Operating Officer at Indra, chatting to Matt Porter at Fully Charged OUTSIDE
Ben Kelsey, Chief Operating Officer at Indra, chatting to Matt Porter at Fully Charged OUTSIDE

Commenting on the benefits of smart charging sessions Indra’s founder and chief technology officer, Mike Schooling, comments:

“Households that drive a lot of miles on electricity, and charge mostly on electricity, need smart charging to avoid putting more demand on the UK’s power supply. We know that drivers are happy to shift their charging patterns to off-peak times, but they need peace of mind that it will be simple to do and reliable so that when they get in their car at 6 am for work they can get straight on the road.”

Continuing to break down charging barriers, INDRA’s latest product builds on the initial success of its Smart PRO. With an extended 5-year warranty, the Smart Pioneer also offers all the same benefits as the INDRA Smart PRO, including smart-scheduling, house-fuse protection, solar panel integration and advanced safety features – meaning EV drivers can guarantee safety and ultimate utilisation of renewable energy.

INDRA Founder and CTO Mike Schooling, ev energy and Robert Llewellyn with the INDRA Smart Pioneer
INDRA Founder and CTO Mike Schooling, ev energy and Robert Llewellyn with the INDRA Smart Pioneer

Schooling, further adds: “Electric car sales have surged to 17% market share and innovative, smart charging is key to greater uptake of electric cars so that number keeps rising. The launch of our Smart Pioneer is a step-change in the smart optimisation of EV chargers and will be the world’s first commercially available V1G product that rewards customers for being flexible with when they charge their EV at home.”

The Smart Pioneer collaboration between INDRA and ev.energy sees drivers getting rewards passed on from the V1G smart charging technology, something which is a world-first proposition from a charge point company.

V1G charging varies the time and rate at which an electric vehicle is charged to respond to surges in power demand. This type of smart charging can harness extra revenue, above a driver’s tariff savings, by accessing flexibility services across the distribution operator and National Grid.

The Smart Pioneer uses leading technology to aggregate thousands of devices to provide a local or national response to grid events and when revenue is generated, shares those back with drivers.

Nick Wooley, CEO at ev.energy, concludes: “We’ve admired INDRA for a really long time, they have a fantastic history of building great products so we’re really excited to be partnering to bring even more drivers cheaper, greener charging.”

For more information about the Indra Smart Pioneer, visit: https://www.indra.co.uk/smart-pioneer-ev-charger

Marketing

The 7 Marketing Tech Trends You Need to Be Aware Of

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It’s 2021 and marketing and tech go hand in hand. If you aren’t embracing the latest technology to bolster your marketing efforts, chances are you aren’t making as much money for your company as you could.

With that in mind, let’s take a look at the most prominent marketing trends you should probably be using right now.

  1. Video marketing

Content marketing has always been the bread and butter of businesses on the internet, and written content is still a big part of most companies’ marketing strategies. However, in the past couple of years, we have seen a real move towards video marketing, which perhaps isn’t surprising when you consider the fact that more and more people, particularly the younger generation, are watching videos instead of reading articles online. You only have to look at things like Youtube and TikTok to see how much of an impact short videos can have!

That means, your company is probably going to want to invest in a decent video camera and a decent video editing package. Alternatively, you could outsource video production to video marketing experts. In fact, the latter is probably more desirable because they will have the skills and experience to make videos that sell, whereas if you and your marketing team do not have much experience of video marketing, you may find it more difficult to create the kind of content that people actually want to see.

  1. Chatbots

In 2021, the demand for chatbots, according to figures from Salesforce, is up by 69 percent. It seems that many consumers prefer to use chatbots when they need to talk to a company’s customer service, and this is not surprising because chatbots are often more efficient at answering basic queries than actual humans! They respond faster and furnish you with all of the information you need without making mistakes, and that is why customers love them. 

Of course, they are also good for businesses too due to the fact they can do some of the same things that customer service agents do, which means you may be able to reduce staff numbers, save money and still provide a great service. They can’t replace humans completely, so you will still need to hire and train a few customer service reps for those tricky situations that crop up from time to time, but if you aren’t using them as part of your company’s customer service offerings, you’re missing a trick.

  1. Voice Search

Now that so many of us are choosing to access the internet via mobile devices like smartphones and tablets, instead of more cumbersome laptops and PCs, it is not surprising that we are also increasingly using voice search to find whatever it is we need on the net because let’s face it, it’s easier to use your voice than it is to type on a small touchscreen device. 

As a business, you will undoubtedly want to do everything you can to make it as easy as possible for customers to make a purchase which is why, if you haven’t already, you should implement voice search on your own website right away. As well as being more convenient, it makes your website more accessible for people with various impairments, which means you can do a good thing and potentially increase your sales at the same time when you advertise the fact that your website is accessible and easy to use for all.

  1. Digital signatures

If you run the kind of business where it is often necessary to have contracts exchanged and signed by one or more parties, you definitely need to know about digital signature services. These services enable you to send important documents, sign and have them signed, digitally, which means no more unnecessary meetings, print outs or postage costs. Right now, when many of us are switching to remote working, it is one piece of kit you can’t do without.

How does this help with marketing? Well, if you can advertise your business as being fully digital, it will obviously appeal to a greater number of people because, due to the pandemic, people do not want to be doing things like signing contracts online, It makes your business more convenient to use, and that is a great marketing point to push.

  1. Data analytics

Data analytics are hardly a new thing in the world of online business, but it is fair to say that, in 2021, they are more important than ever. Why are data analytics so important? Because they enable you to track your marketing campaigns and see how successful (or not) they have been. This enables you to make tweaks and changes to improve your efforts and get a better return on investment. It can also give you valuable insight into your target demographic and their behaviour so you can tailor your business experience to better meet their needs. Basically, if you aren’t tracking things in the marketing department, you will probably waste a lot of time and money, and data analytics can help you to prevent that.

  1. Social media

Again, social media marketing isn’t exactly a new thing in 2021, but it is one of the biggest trends in marketing tech so it deserves a place on the list. 

One thing I can say is that conversation is set to be a big thing in social media marketing going forward. By that, I mean two-way communication between company and customer. It has been shown time and time again that engagement on an intimate human level is exactly what consumers want to see and we are likely to see more of that. Gone are the days when you could simply schedule a post and sit back while the likes come in and leave it at that! These days, if you want to be a success, you need to get involved in the conversation and show the genuine human side of your business.

  1. User experience

With so much competition for business online, one thing that can help your business to stand out from the crowd is the user experience you can offer the customer, which is why UX is going to be a big thing in the coming months and years. 

What form will this UX take? Probably increased levels of personalisation and more speed when it comes to interacting with businesses and making purchases. Website and apps are likely to be streamlined and shopping carts simplified, while software packages that learn about the customer and personalise the app/site based on those purchases are also set to be big news.

Conclusion

As you can see, there are so many ways that technology can interact with marketing and make the whole process so much better. That is why businesses that have yet to do so should be making real efforts to use more tech in their marketing strategies.

Although you do not necessarily need to implement all of the above into your company, it would be foolish to ignore them, and actually, the more you use technology to help you market your goods and services, the more money you will save, and the more money you will make.

Customers expect more from businesses today, and if you cannot deliver, they will quickly find someone who can. By using technology, and making it known that you are using technology to improve user experience, you can certainly hold on to more customers and give your business the best possible chance of success – it really is that simple.

Audi, Electric Car, Electric Vehicles

Audi Shows commitment to electric future

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In recent years, the electric car industry has boomed. From small family cars to larger SUVs, many car manufacturers have pledged to develop their electric car ranges in a bid to save the environment.

Why are EVs good?

According to research, electric cars are better for the environment as they emit fewer greenhouse gasses based on both production and electricity to keep them going. In fact, just one electric car can save an average of 1.5 million grams of CO2.

Electric cars are so beneficial to the planet that the UK government has laid out a scheme to get more drivers to switch to electric. And they aren’t the only ones showing big commitments to the planet.

Which manufacturers make EVS?

One manufacturer leading the way in terms of moving towards a fully electric fleet is Audi.

Audi are showing big commitments to having an all-electric fleet in the future. Continuing to expand and innovate when it comes to their fleet, Audi are well on their way towards electrification and plan to phase out internal combustion engine (ICE) vehicle production by 2033.

As part of this, towards the end of 2019 Audi announced $12 billion of investment to accelerate the electrification of its vehicles and have recently announced a “Vorsprung 2030” electrification strategy.

In fact, this becomes abundantly clear in as the brand new A3 Sportback is, for the first time ever, available in petrol, diesel, mild-hybrid and plug-in hybrid versions. This shows that even the traditional Audi models are undergoing significant change during this ‘transition period’ into more sustainable forms of transportation.

More about Audi

Audi are a German car manufacturer and subsidiary of Volkswagen Group. Known as paving the way when it comes to technology, Audi are pioneers of their time.

Over the past 50 years, Audi’s slogan has been “Vorsprung durch Technik,” which translates to “Progress through Technology.” And with the commitment to an all-electric fleet underway, it’s clear that Audi are true to their word.

Currently, the most popular Audi EVs are the Audi e-tron, e-tron S and e-tron sportback, but following their recent release of the Audi A3 models, it’s predicted that Audi will soon be offering all its models as both fully electric and hybrid models.

What this means for the car industry

Despite a difficult year for the automotive industry, it’s encouraging to see major leaders in the field looking to the future and innovating.

With EVs predicted to become ever more popular, it’s an important step forward for both car manufacturers and the planet. Backed up by government initiatives and generous grants to help companies and individuals afford to make the switch, big things are in store for the EV industry.

Electric Car, Press Release

Meet Easee One – the small, smart, powerful home EV charger with an eye on the future

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Easee, the company behind ‘the world’s smartest EV Charging Robot’, has launched the Easee One. The new domestic smart charger has been designed specifically for the needs of homeowners, with an eye on both the present and the future.

The Easee One is optimised for the UK domestic power supply and enables up to three chargers to be used on a single connection. Homeowners can install their first charger knowing that adding more charge points in the future is quick and easy. If two or more Easee One chargers are in use, they communicate to ensure vehicles are charged evenly and safely.

Effie Vraka, Country Director UK at Easee, said: “We want to make it as easy as possible for UK homeowners to choose and install a future proof EV charger. Over 25 million households in the UK own two or more cars, and in the future these will all be electric. We’ve designed a smart home charger that can be easily expanded to allow simultaneous charging of up to three cars. With the Easee One, you don’t need to worry about technical features, compatibility, or regularly updating your software. It’s all taken care of for you. You can simply plug, charge and go, or if you want more control, you can use the Easee App.”

The Easee One is 69% smaller than other comparable solutions and weighs just 1.4kg. Easee estimates that every Easee One charger produced saves around 4kg of plastic and copper, helping to conserve the planet’s resources.

Easee’s EV charging solution has already won a prestigious red Dot design award for its combination of ‘intelligent technology with a high degree of functional quality in a pared-back, premium product.’

“The Easee One is all about reliability, simplicity and style,” says Effie Vraka. “It’s built to withstand harsh weather conditions, looks great on your driveway, and is really easy to use. The only decision home-owners have to make is what colour they like.”

The Easee One charger is compatible with all EV models, has built in mobile, WiFi connectivity and Global System for Mobile Communication, and it also automatically updates itself with the latest features. Early adopters will receive free mobile internet connectivity for the life of the product. Easee One comes with a 3-year warranty and is widely available through competent installers.

To find out more about Easee One or book an install, visit Easee.co.uk

Cars, formula one, lewis hamilton, motorsport

Is Lewis Hamilton Now Back on Top in F1 Drivers’ Championship?

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When Red Bull’s Max Verstappen romped to his fourth victory in five races at the Austrian Grand Prix on July 4th, the Belgian-Dutch racer opened up an ominous 32-point lead over this title rival Lewis Hamilton.

Barely four weeks later, however, seven-time world champion Lewis Hamilton had opened up a 12-point lead of his own, after Verstappen and Red Bull endured two disastrous races at Silverstone and Hungary in August.

But is Hamilton now the favourite to win a record-breaking eighth world title, or can Verstappen realise the promise of Red Bull’s superior Honda engines to deliver his first championship?

What Happened at Silverstone and in Hungary? 

Despite his lead entering the Silverstone Grand Prix, Verstappen ended the race with a DNF after a direct collision with Hamilton.

This occurred at the rapid Copse corner, as Hamilton attempted to overtake his rival and the Red Bull driver moved to squeeze him tight to the inside. He then shifted back to the left, causing Hamilton to approach quickly at a shallow angle and touch the right rear of Verstappen’s car.

The result ignited the simmering feud between Verstappen and Hamilton, particularly as the latter went on to win the race.

For his part, Verstappen and Red Bull felt that Hamilton had run wide into the car with too much speed, with the overtaking manoeuvre never really on. Mercedes boss Toto Wolfe (along with some other drivers) disagreed, claiming that Hamilton was entitled to make the move and that the collision was little more than a blameless racing incident.

Things got even worse at Hungary, however, when Valtteri Botas’ misjudgement at the first corner caused a huge crash and significant damage to Verstappen’s car. This left the Red Bull driver to limp home in 10th place, while Hamilton earned more crucial points with a second-place finish.

Can Hamilton Sustain his Momentum? 

There’s no doubt that the momentum now lies with Hamilton, despite the advances made by Red Bull’s Honda engines and the incremental improvement in Verstappen’s driving.

However, the two recent failures had little to do with either driver or constructor error, so there’s every opportunity for Verstappen to return fresh from the summer break and ready to realise Red Bull’s natural advantage over their rivals.

While anyone who has ever invested in Mercedes gap insurance will realise the value and performance of these vehicles, there’s no doubt that the biggest challenge facing Red Bull is the omnipotent Hamilton.

After all, the man is a relentless winner and one of the greatest F1 drivers to have ever lived, and he can be difficult to stop once he commences his title charge.

The fact that he’s chasing a record-breaking eighth world title will only strengthen his incredible resolve, enabling him to potentially overcome any deficiencies that Mercedes may have in relation to their Red Bull rivals.

Sustainable, Technology, trains, Travel

Are tourists still travelling to London?

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Throughout the world, tourism is one of the many sectors that has been hit hard by the pandemic. Every nation will have been severely affected by the travel restrictions that have had to be imposed. London is no different: with internationally-renowned attractions such as Buckingham Palace, St Paul’s Cathedral and Big Ben, it’s one of the most popular cities in the world for people to come and spend their tourist dollar (or pound), and key to the success of the UK economy. But just how badly has it been hit by Covid, and are there signs of recovery?

Before the pandemic

In 2019 – the year before the pandemic hit Britain – a staggering 21 million people visited the UK’s capital. There were 1,800 businesses involved with the tourism sector (covering everything from arts and entertainment to accommodation, food outlets and retail), and these employed almost 20,000 people.

To say the nation’s tourism was thriving pre-pandemic is an understatement. Visits nationwide exceeded 40 million that year, up by nearly a third compared to 10 years previously, and by almost 70 percent compared to 2002.

During 2020

As expected, there was a huge drop in visitor numbers in 2020, as the pandemic took hold of the nation early in the year and refused to let go. According to Visit Britain (whose figures are based on estimates because they were unable to conduct passenger surveys during lockdown), overseas visitor numbers to the UK dropped by almost 75 percent that year to just 11.1 million. As you’d presume, most of these visits were in the first three months of the year before lockdowns and travel restrictions were put in place. The total spend was down by just over three quarters on the previous year, with an estimated loss of £24 billion. Domestic tourism was also down 63 percent with spending down £57.6 billion.

How things are looking this year

According to Visit Britain’s forecast for 2021, the number of overseas visitors is set to rise slightly to 11.3 million – still considerably lower than numbers prior to the pandemic. Spending isn’t expected to rise, but although figures will pale in comparison to 2019, we should start to see more people arriving towards the end of the year if restrictions continue to ease worldwide.

When it comes to domestic tourism, things are more positive, as numbers are up more than 50 percent compared to 2020, with spending up 59 percent on day trips and 38 percent on overnighters.

If you’re considering travelling to the likes of London, now might be a good time to do so before the world opens up once more. To get the best deals possible, remember to look up trains to London and book in advance.

As you’d expect, the pandemic has had a terrible impact on visitor numbers to London and the UK as a whole. So now might be the best time to explore our own backyard before the rest of the world returns to see our most popular attractions.

currency trading, forex

The Impact of Tech on the Forex Industry

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There’s no doubt that the forex market has enjoyed exponential growth in the digital age, with the total daily trading volumes having increased from $5.1 trillion to $6.6 trillion in the three years between 2016 and 2019.

This growth has a great deal to do with technological advancement, as new innovations have begun to impact on forex trading and make the market more accessible to part-time and novice investors.

In this post, we’ll look back at how forex used to be traded, while appraising the impact of technology on the wider FX industry. 

How Was Forex Traded in the Past?

Interestingly, trading forex is as old as the history of civilization, with people in ancient times known to exchange goods and services for an agreed price (which would often be represented by raw materials or food).

The issue here was assigning and establishing value fairly, so future generations of civilians resolved to develop commodity money and, over time, metal coins and paper currencies with predetermined stores of value.

This paved the way for the international forex market that we know and love today while making it far easier to exchange goods between nations. It was in the 17th century that the first ever forex market was established in Amsterdam, with this further facilitating global market exchanges and creating opportunities for investors.

Prior to 1944, the value of international currencies was pegged to gold, but this changed with the advent of the ‘Bretton Wood System’ immediately after the Second World War.

This was forged to create a stable environment and allow for increased international trade after the war, while it underpinned an adjustable pegged foreign exchange market.

With this system, major currencies chose to peg their value to the US Dollar, but this failed in the early 1970s when there was no longer enough gold to back the amount of greenback in circulation.

How has Technology Changed Forex Trading?

Since the 70s, the market has evolved to be governed by a free-floating exchange rate, where the price of specific currency pairs is influenced by an array of factors including geopolitical conflicts and the wider macroeconomic climate.

From a technological perspective, one of the biggest changes occurred with the advent of online brokerage sites.

Such entities replaced the traditional middleman and corporeal trading floors across the globe, creating an online portal and making a host of markets more accessible to aspiring traders.

As a result, investors can now engage in forex and indices trading through a single online interface, enabling real-time market analysis and the execution of live orders.

More recently, we’ve seen the emergence of automated and AI-influenced trading online. Ideal for scalpers and day traders, automation has helped individuals to optimise the number of orders that they execute in real-time, while AI is improving the analysis of even unstructured datasets and driving more informed trades in the process.

AI has also improved the quality and functionality of so-called “forex robots”, helping to eliminate human error and increase profits over an extended period of time.

 

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