SMEs may miss out on £35k of revenue
UK small and mediumsized enterprises (SMEs) could be missing out on £35,000 of extra revenue every month due to a “lack of efficiency online”, according to technology firm Wix.
It carried out research looking at the productivity, efficiency and general sentiment of smaller firms, finding that 40% still had no online presence and nearly one in three (30%) of those with a website were still not completely digital.
A large majority (87%) of SMEs that still did not have a website said they did not see the benefit of digitalising.
Meanwhile, 88% of SMEs that were completely digital – using digital tools like invoicing and payments, customer service, chat, and automations – said revenue had increased by an average of £35,000 a month. The monthly gain was £23,000 for firms with up to 49 staff, which Wix said was mainly down to saving time and resources.
Tasks SMEs were most likely to keep traditional – not digital – were customer service (59%), administration (56%), bookkeeping (48%), payments and invoices (44%) and marketing (41%).
Wix director Matt Rosenberg said: “Moving your business online for marketing and management is good for exposure, productivity and efficiency, and the results will be evident on the business’s bottom line.”
“Moving your business online is good for exposure and efficiency”