- The average British SMB is now investing 36% of its annual revenue in new technology
- Economics and Payments are common use cases
- Only 1% of companies remain non-technical users
Britain’s small and medium-sized businesses invest more than a third (36%) of their annual revenue in new tools and technology, says new WorldPay data, where most (90%) also agree that tech investments have already increased efficiency.
Among the most popular areas for new tech investments across all types of UK SMBs are Financial Management (54%), marketing and sales (49%) and payment processing (47%), with employee management, inventory management and CRM also sees a healthy boost.
On the flip side, only 1% of SMBs now do not use any technology compared to one in five (20%) a decade ago that marks a huge departure from old ways.
British SMBs are mostly technically first
“This digital transformation is not just a trend – it’s an important development that improves productivity, efficiency and customer satisfaction,” explained the WorldPay GM for SMB International Chris Wood.
A number of factors could have contributed to the increase in consumption on digital platforms, but the post-pandemic behavior change could lead them. Customers now expect contactless and omnichannel services that are fast and immediate.
Then there are the legislative obstacles, such as HMRC’s Making Tax Digital mandate, which requires accounting to be completed using certain reporting software.
“WorldPay is on a mission that gives SMBs the right technology that allows independent companies to compete on equal terms and thrives,” added Wood.
