Small businesses think and act big when it comes to ecommerce.
In fact, 80% of small businesses have at least a basic ecommerce site in use to drive sales and expand customer contact, says a new survey of 540 businesses from PYMNTS Intelligence.
“Through the first three quarters of this year, ecommerce sales reached $793.7 billion, accounting for 15% of total retail sales,” PYMNTS says. “Accordingly, almost all small to mid-sized businesses (SMBs) on Main Street, USA, see ecommerce as crucial for the sustainability and viability of their presence in the marketplace.”
Nearly eight in 10 small businesses are currently leveraging online channels, while an additional 16% are interested in implementing them.
Moreover, the average small business generates half its sales via online channels.
“Main Street retail SMBs lead the way, generating 54% of their sales from these channels,” PYMNTS says. “Overall, main street SMBs primarily use websites and social media to support their ecommerce operations, with retail businesses relying on these online channels most heavily.”
Key findings on small business ecommerce
Key findings on small business ecommerce include:
- 57% of Main Street SMBs that sell mostly online expect their revenues to increase in 2023.
- 21% cite security issues as the biggest challenge similar firms face when using online sales channels.
“SMBs that rely heavily on eCommerce are more optimistic about their revenue expectations than those that rely mostly on in-store sales,” PYMNTS says. “As the economy shows signs of slowing down, ecommerce will become an ever more important tool.”
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