Member Article

London SMEs leading the way in uptake of digital innovations to get ahead

Small businesses in the capital are putting their counterparts in the rest of the UK to shame when it comes to embracing digital innovations, according to new research released today released by Worldpay.

The payment processing company surveyed 1,000 businesses across the UK, with over half of the respondents based in London, and significant disparities between SMEs nationwide in terms of their digital engagement.

According to the findings, 95% of business owners in London and the South of England were investing in tech to expand their online reach and become more efficient in how they are run, which is slightly higher than the UK average of 88%.

Similarly, Worldpay found that 71% of business owners surveyed in London were looking to implement digital technologies to improve their efficiency and make faster business decisions, compared to just over half in the rest of the country.

Dave Hobday, UK Managing Director at Worldpay, said: “Londoners are fiercely protective of the city’s rich mix of culture, people and shops, with more residents actively seeking out independent stores than anywhere else in the UK.”

Despite the heartening figures, the survey still found that nearly a quarter of London SMEs questioned had yet to build a website, while only 16% currently accepted contactless payment.

Furthermore, while many are embracing the benefits of tech, 54% still considered technology a ‘significant threat’ to traditional, bricks and mortar high-street stores, with juggernauts like Amazon muscling in on marketshare.

Dave added that the figures show that smaller businesses still have some adapting to do when it comes to meeting the needs of a modern, digitally-connected population.

He added: “Against a background of market change, it’s encouraging to see that the Capital’s businesses are leading the nation in technology investment - but all independent businesses need to continue to adapt to remain relevant to the modern consumer.

“Our research shows there’s still unexploited territory for smaller retailers in London to explore.”