The general surge in productivity and turnover driven by smarter online skills was about £262,000
According to the Lloyds Bank report, more than 3Q of the UK’s small-to-medium businesses could miss cashing in on the online business.
The report revealed that in the past 12 months, there has been an 18% increase in the number of small businesses providing a smartphone payment feature (up from 29%). But still, 65% of small business websites aren’t ‘mobile-friendly’, meaning they could be missing out on the growing numbers of ‘mobile-first’ spenders.
Around 1.3 million small businesses admitted the benefits of using technology skills, reporting about increased turnover and time-saving as a result of being more tech-savvy.
The report has also revealed that SMEs younger than 3 years old have better digital skills. It means that almost two-thirds (63%) of this group having the highest level of capability. They comprise 18% more than those SMEs older than 10 years in the same group.
Businesses are doing more to develop security online, with 42% having improved their cybersecurity capabilities. As a result, more consumers get to benefit from increased security while shopping and browsing online.