NCR Corporation, an omni-channel solutions provider, has today released research revealing a variety of challenges facing UK SMBs as they strive to remain profitable in an increasingly competitive market.
The survey found that keeping up with customer expectations, particularly in relation to next gen payment options, is leading to an estimated revenue loss of up to £28.5 billion per year.
The study also found that offering limited payment options results in an average loss of 68 million transactions per month and up to 820 million customers a year. Also contributing heavily to profit losses for 26% of those surveyed is unsold which leads to deficits of over £2.2 billion per month.
While half of those questioned recognised the importance of choosing the right commerce platform and understanding how it impacts profitability, 42% confirmed it wasn’t a priority for them. However, using a commerce platform could streamline processes for the 23% who spend more than 20 hours per month compiling reports. It also provides business owners with important data on best-selling products and staff performance to help make informed decisions and increase their bottom line.
Perhaps unsurprisingly, customer retention was found to be a key contributor to annual growth alongside competitive pricing and a successful marketing programme. However, 49% admitted to not understanding their customer’s needs and one in four report losing £20k per month by not meeting their demands – a simple fix for any business with a commerce platform.
Leigh Saunders, UK Country Manager, NCR Silver said, “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.”