While many businesses are still facing challenges, technology has been pivotal in navigating the pandemic
In the UK, over 2.7 million businesses accounting for 48% of the country’s micro businesses have admitted they wouldn’t have resumed trading without digital technology.
While 73% of small businesses continued to trade by adapting to the changing market needs, 24% were forced to change their business model. In addition, 19% moved to other services and products while 23% streamlined their operations. Another 40% were forced to diversify to other products and services.
The report found that 48% of small business owners stayed operational due to technological capabilities. Of these, 27% ventured online for the first time while 47% were able to use digital innovation to simplify their businesses.
Among those who were already operating online, 40% increased their online presence. 61% stated that technology helped keep in touch with the consumers while 35% stated that digitization helped them save costs.
In the long term, the pandemic has changed the dependency of business on technology. Businesses that are prioritizing digital presence and investment have doubled. 45% of the businesses are developing their use of technology, skills, and digital systems.
Many small businesses have also started using digital services and tools including social media, virtual meetings, online financial tools, and e-commerce. 56% of business persons who started using these platforms state that they will continue to do so in the future.
We’ve reported that JP Morgan is looking to launch its digital consumer platform in the United Kingdom,