The research, conducted across 100 UK SME decision makers at online retailers in 2019, reveals the UK’s SMEs understand the need to embrace flexibility and innovation. Over the next 12 months, they plan to invest in flexible payment options (49%) and ecommerce capabilities (48%) to meet consumer demand for a frictionless shopping experience.
Other key findings:
online retail SMEs face a myriad of challenges preventing them from fully embracing innovation (53% said the cost of introducing flexible payment options was the biggest barrier to adoption);
whilst SME online retailers have budgets set aside for investment in new technologies, 48% cited uncertainty around Brexit as the main reason for halting investment, followed by not knowing what tech will provide the best ROI (31%);
54% said competition from bigger players and online giants is the biggest external challenge;
online SME retailers are thinking ahead and have plans in place to boost customer experience within their businesses over the next 12 months;
SMEs understand the importance of an omnichannel presence, with 74% having created some form of physical experience for their customers in the past;
SMEs are losing more customers than they should during the checkout process (21% visits result in a dropped basket).
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