In the world of business, adaptability is everything. And SMBs are known to be agile enough to evolve quickly. But never has this been more evident than in the 2022 Global Digital Shopping Index, SMB Edition.
How small businesses are transforming through digitalization
This report revealed an unprecedented adoption of digital shopping and payment features by SMBs, ranging from eCommerce marketplaces to social media networks and other new emerging digital platforms. Even more compelling is the fact that these changes were nearly uniform across six vastly different markets across the world. These exciting changes are unprecedented.
The report discovered that a broad mix of SMBs are embracing digital platform integration at a scale that has never before been possible. In fact, the average SMB now offers six more new shopping features* compared with their larger competitors. They were found to be adding forward-facing features such as voice-enabled purchasing, in-store pickup, and even the creation of mobile apps allowing consumers to locate items in physical stores.
So why have the floodgates opened? It’s because third-party digital marketplaces now provide “off the shelf solutions” that are easily integrated into each platform, making it easy for SMBs to pick and choose the features attractive to their customers. They no longer have to spend time and resources setting up digital innovations from scratch.
These solutions neatly answer consumers’ mounting demands for more integrated cross-channel experiences and features. As well as being a pleasure to use and offering consumers peace of mind, they make the entire the payment process easier. In fact, the average SMB now offers a 24% more frictionless shopping experience* than its larger competitors. It seems that these solutions are now being seen as the great equalizer between SMBs and their larger counterparts. And with discoveries like this, it’s clear to see that the future’s looking bright for SMBs.
To learn more about the recent trends, read the 2022 Global Digital Shopping Index, SMB Edition here.
* All data comes from the Global Digital Shopping Index SMB Edition and supporting research