- One in four UK SMBs report losing £20k per year by not meeting customer demands
- Increased competition squeezes profit margins, while offering limited payment options loses them 820 million customers a year
- Nearly a quarter (23 percent) of SMBs attribute customer retention to their reported annual growth but nearly half (49 percent) admit to not understanding their needs
LONDON, June 03, 2018, – NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, 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 £28.5bn per year.
The study also found that offering limited payment options results in an average loss of 68 million² transactions per month and up to 820 million³ customers a year. Also contributing heavily to profit losses for nearly a quarter (26 percent) of those surveyed is unsold which leads to deficits of over £2.2bn* per month.
While half of those questioned recognised the importance of choosing the right commerce platform and understanding how it impacts profitability, 42 percent confirmed it wasn’t a priority for them. However, using a commerce platform could streamline processes for the 23 percent 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, half (49 percent) admitted to not understanding their customer’s needs and 1 in 4 report losing £20k per month by not meeting their demands – a simple fix for any business with a commerce platform.
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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.”
NCR Silver has used the research findings to create a digital guide aimed at helping SMBs address common issues and show how working with the right commerce platform is the key to unlocking their profit potential. To download the free guide and for further information, please visit https://www.ncrsilver.co.uk.