The last 18 months have been nothing if not transformative. Not just for consumers — who made, and continue to make, a push into doing, well, everything online.
The pandemic has also been a period of seismic change for the small and mid-sized businesses (SMBs) that power the U.S. economy. The most recent “Digital Transformation of Main Street SMBs” report provides a sense of just how widespread the movement has been for smaller firms to innovate.
The report shows how 67% of these companies used digital and touchless payments innovation to weather the challenges of the pandemic. Of those firms that did so, 68% said their 2021 revenues will exceed 2019 levels.
Drilling down a bit, there’s a bit of time until we return to normalcy. The study said 73% of companies believe their businesses must be able to run at full capacity before the communities return to normal.
In terms of the investments made by the firms that see their revenues on the upswing: 44% who said that 2021 will be better than 2019, top-line-wise, had invested in touchless or contactless experiences.
Of the companies that have put time, effort and money into their digital marketplaces, 68% are confident in their 2021 revenue prospects. Main Street SMBs that have not invested in those technologies are less confident that their 2021 revenues will be greater than 2020.