According to a survey by management solutions provider MYOB and Australian financial services provider Westpac, websites have been identified as a key revenue driver for SMEs. The same source unveils that of those small business owners who have a transactional website, 91 percent have reported an increase in revenue as a direct result of the transaction function.
The survey also points out that two in three (66 percent) SMEs believe that having the ability to be paid online through a transactional website would provide an advantage for their company. Furthermore, the majority of those surveyed have declared that having an online payment facility made it easier for customers to make purchases (94 percent), increased sales (79 percent) and revenue (75 percent), while 43 percent of small business owners listed time as the scarcest resource over money (33 percent).
Results show that 50 percent of consumers surveyed have mentioned they always use the internet to research prior to purchasing a product or service and 53 percent of them have reported they spend more than an hour a week shopping online. Research also finds that two of the biggest challenges identified by respondents include getting set up (28 percent) and knowing where to start (22 percent).
Following the survey results, the two companies have joined forces to launch a digital toolkit called ‘Ready for Business’ which the companies say will give small business owners the tools they need to start and grow their business.
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