In the UK, small businesses play a crucial role in driving innovation, creating jobs, and contributing to economic growth.
According to Startup’s 2024 report on small business statistics, small and midsize enterprises (SMEs) created an impressive 300,000 new jobs this year alone. Together they account for approximately 61% of employment and 52% of turnover in the UK’s private sector, positioning themselves as the backbone of local economies across the country. However, to remain competitive amid inflationary pressures and rapid technological advancements, small businesses must harness the power of broadband connectivity.
As digital reliance grows, broadband providers have adapted their services to cater to the needs of small enterprises. Nowadays, SMEs have access to affordable full fibre broadband packages that offer symmetrical speeds up to 2000Mbps, along with dedicated business support services. Top providers also include free expert installation and activation, reducing the technical burden for busy SME owners. Broadband providers are, therefore, instrumental in helping small businesses leverage the internet to unlock new opportunities for growth. Below, we’ll explore how SMEs can use the Internet to their advantage.
E-commerce and online retail
One of the most significant opportunities that broadband connectivity offers to small businesses is the ability to engage in e-commerce. With an online storefront, SMEs can reach a global audience and sell their products or services 24/7 without the limitations of traditional brick-and-mortar stores. Coupled with the introduction of internet-powered financial technology platforms, the e-commerce industry has only expanded. For instance, UK businesses have embraced contactless payment innovations at an impressive rate. Per Lloyds Bank and FreedomPay, more than half (59%) of retail, food and beverage, and hospitality companies agree that doing so has helped ensure customer satisfaction and, in turn, building brand loyalty.
Social media marketing and advertising
Another growth opportunity for small businesses enabled by the Internet is social media marketing and advertising. Social media platforms such as TikTok, Instagram, and Facebook provide powerful tools for businesses to connect with their target audience and build brand awareness. According to a study by Amazon Ads, nearly 9 in 10 (86%) of smaller businesses said their current ad strategy is successful in acquiring new customers while more than three quarters (76%) said it had helped them to expand their UK business. As we discussed in a previous post, however, much of this success still hinges on striking a balance between physical and digital retail experiences. To increase footfall, businesses must combine their social media presence with cutting-edge in-store technologies.
Customer relationship management
Internet connectivity has also transformed the way small businesses manage customer relationships. With the help of customer relationship (CRM) software, businesses can collect and analyse customer data, track interactions, and personalise their marketing efforts. CRM software allows small businesses to better understand their customers’ needs and preferences, enabling them to tailor their products and services accordingly. In fact, demand for streamlined customer interactions has increased tremendously in the UK, with CRM software spending projected to reach US$4.59 billion (£3.68 billion) in 2024.
The Internet has opened up a world of opportunities for small businesses in the UK, supporting them in reaching new markets, expanding their revenue streams, and strengthening customer relationships. By embracing the power of broadband connectivity, SMEs can unlock their full potential and achieve new levels and success and growth. To stay updated on the latest retail news and trends, visit the 365 Retail website.
