Skip to main content

SMBs struggling to afford innovative tech

(Image credit: Image Credit: Everything Possible / Shutterstock)

UK SMBS (opens in new tab) face a variety of challenges as they strive to remain profitable in an increasingly competitive market according to new research from NCR (opens in new tab)

The company's new survey found that keeping up with customer expectations when it comes to next gen payment options is leading to an estimated revenue loss of up to £28.5bn per year. 

NCR's study also found that SMBs that offer limited payment options lose an average of 68mn transactions each month and up to 820m customers a year. Unsold products also contributed to heavy losses for nearly a quarter with 26 per cent of businesses surveyed reporting deficits of over £2.2bn per month. 

Half of the businesses questioned by NCR recognised the importance of choosing the right commerce platform (opens in new tab) and understood how it impacts their profitability, 42 per cent confirmed it was not a priority for them. Though using a commerce platform could help streamline processes for the 23 per cent of firms that spend more than 20 hours per month compiling reports. 

Customer retention was also found to be a key contributor to annual growth alongside competitive pricing and a successful marketing program. Of those surveyed though, 49 per cent admitted to not understanding their customer's needs with one in four reported losing £20k per month by not meeting their demands. 

UK Country Manager at NCR Silver, Leigh Saunders explained how the firm is working to make things easier for SMBs, saying: 

“We recognise the unique challenges facing SMBs in today’s economy and our response has been to build flexible ecommerce solutions to help them thrive.  The NCR Silver (opens in new tab) product range provides business insights into areas including sales transactions, inventory and customer loyalty.  This allows small business owners to spend less time on the arduous tasks and more time on the decisions that help them remain competitive.”    

Image Credit: Everything Possible / Shutterstock

After getting his start at ITProPortal and then working with the TechRadar Pro team for the last several years, Anthony is now the security and networking editor at Tom’s Guide where he covers everything from data breaches to how to cover your whole home or business with Wi-Fi. When not writing, you can find him tinkering with PCs and game consoles, managing cables and upgrading his smart home.