In the current climate that COVID-19 has created, small-to-medium businesses (SMB’s) are being forced to rapidly digitise their operations to adapt to changing consumer behaviours. Video, remote connectivity and e-commerce have become expectations, making business’ digital strategies an urgent requirement.

The pandemic brought many changes to business operations and stability. Ten per cent of businesses were unable to continue trading, with the remainder suffering serious concerns about their viability.

SMB’s that managed to digitise their practices during the lockdown period have proven that technology and telecommunication services are now more important than ever.

Staying connected through online channels are allowing SMB’s to create a new customer experience and promoting the retention of customers after capacity limitations were introduced.

Businesses that have implemented a digital strategy successfully have gained near-immediate rewards, with research revealing that increased spending in technology leads to boosted revenue; approximately three times faster than businesses who have not invested.

New data received from Venture Insights suggests that 70 per cent of Australian consumers consciously support local businesses but are constrained by a lack of online presence.

With the pandemic driving consumers online, there are clear opportunities for SMB’s that maintain an active online presence.

The path out of COVID-19 will provide many challenges, but with creativity and flexibility, many SBM’s will continue to adapt to the changing consumer preferences and provide remote opportunities for both customers and employees.

Source: Telstra | Why the digitisation of Small Businesses is now urgent – not just important.

1 December 2020