Research involving 500 SMEs has revealed that nearly half don't believe they'll experience growth over the next two years, not only due to the challenging economic landscape but also a lack of technical expertise. Furthermore, 43 per cent feel their lack of technical knowledge will limit their ability to expand in the coming years.
PayPal's 2024 Business of Change Report also discovered that 62 per cent agreed online sales are crucial for expanding their organisation, yet 31 per cent don't feel they possess the necessary technical skills to thrive in this area. Nearly a third wouldn't feel confident in their ability to sell internationally.
And 17 per cent are stumped when it comes to knowing which payment methods to offer, such as instalment options like buy now, pay later or digital wallets. The top goals for SMEs include increasing revenue , improving customer loyalty and expanding their e-commerce operations .
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