How digital transformation can help SMEs grow online and increase revenue
Many SMEs and entrepreneurs are going online and adopting eCommerce operations for success. With more than 70% of companies being online or having a digital transformation strategy in place, and 96% of UK households with internet access, SMEs and start-up companies are interested in tapping into the new era of digital business and can increase profit margins and transaction speed by implementing contactless payments.
Digital transformation has helped smaller companies connect with customers online in an innovative way as they are able to provide them with alternative payment methods which automatically connect with their banking service. We have seen how larger corporations and SMEs are implementing similar strategies as they give their consumers the opportunity to pay directly by debit card, PayPal, Klarna, Clearpay, and Apple Pay.
From a consumer-focused perspective, the majority of people living in the UK now have access to the internet as they have invested in gadgets and devices which allow them to work effectively from home and be able to use this technology to invest in other products that will benefit their lifestyle.
According to findings made by the Digital PR team at Embryo, the amount of Britons using the internet on a daily basis has risen by almost 30 million people over the last decade, with just under 90 million internet users engaging daily social media and connecting with loved ones during the pandemic. People are having to use technology more than ever as they are unable to travel or access the shops due to Covid restrictions. We have seen that the hassle-free and speedy process of online transactions can benefit SME’s and entrepreneurs by providing an accessible customer journey, reducing transaction time, and uplifting company growth.
Other findings made by Embryo also revealed that the number of people shopping online has significantly increased, with just under 90 million people now investing in eCommerce and digital transactions. We have seen how SMEs have invested in online banking as it will help with their profitability, growth, and brand awareness as they are able to cater to people with different forms of cash-free payments. SMEs are also able to use this new form of financial management to help them monitor their cash flow, invoices, and stock levels, as logistic databases can now connect your ingoings and outgoings more effectively when managing a business in the retail, hospitality, maintenance, and trade work sector.
Along with seeing growth in the sectors which were hit the hardest by the effect of Covid-19, we have also been able to track how small businesses have performed during 2020-2021 in regards to how they’ve adjusted their business to suit government regulations by offering takeaways, online delivery and outdoor seating which means that they are able to facilitate their customer’s needs and ensure that their safety comes first. Along with abiding by socially distance guidelines, we have also seen how this digital transformation to a cash-free society will allow people to get their purchases much quicker due to the rise of more courier services offering quicker delivery and returns.