SMBs struggling to afford innovative tech

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

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 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 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.”    

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