- The average UK SMB now invests 36% of its annual revenue in new tech
- Finances and payments are common use cases
- Only 1% of companies remain non-tech-users
Britain's small and medium-sized businesses are investing more than a third (36%) of their annual revenue in new tools and technology, new Worldpay data has said, with most (90%) also agreeing tech investments have already significantly boosted efficiency.
Among the most popular areas for new tech investments across all type of UK SMBs are financial management (54%), marketing and sales (49%) and payment processing (47%), with employee management, inventory control and CRM also seeing a healthy boost.
On the flip side, only 1% of SMBs are now not using any technology, compared with one in five (20%) a decade ago, marking a huge departure from old ways.
UK SMBs are mostly tech-first
"This digital transformation is not just a trend - it's a vital evolution that enhances productivity, efficiency, and customer satisfaction," Worldpay GM for SMB International Chris Wood explained.
A number of factors could have contributed to the rise in spend on digital platforms, but the post-pandemic behavioral shift could lead them. Customers now expect contactless and omnichannel services that are fast and instant.
Then, there are the regulatory hurdles, for example HMRC's Making Tax Digital mandate which requires bookkeeping to be completed using certain reporting software.
"Worldpay is on a mission provide SMBs with the right technology, empowering independent businesses to compete on a level playing field and thrive," Wood added.
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