Worldpay research has revealed that UK small and medium-sized businesses (SMBs) are investing 36% of their annual revenue – amounting to more than £1 trillion – in technology and tools to run their businesses. This shift underscores the growing commitment of SMBs to embrace innovation to support productivity, efficiency and better meet customer expectations.
The study shows that just 1% of SMB owners are not using technology to manage their business. A decade ago, one in five still relied on pen and paper, demonstrating a dramatic shift in digital adoption.
Key findings include:
- Ninety percent of businesses say their tech investments have boosted efficiency.
- Technology is being integrated across functions: Fifty-four percent use it for financial management, 49% for marketing and sales and 47% for payment processing.
- Employee management, inventory control and CRM adoption average 40%.
SMBs of all sizes are embracing agile technology solutions to enhance their operations – including The Smirkin’ Cod fish and chip shop in Swansea.
Owners Mike Smith and Ben Parkin said: “Worldpay 360 has been a game-changer for us – it’s already saving us hours of admin each week. It’s made the day-to-day running of the business much smoother and the back office has also enabled us to easily add products, make amendments, add users and much more.”
Chris Wood, General Manager, SMB International at Worldpay, said: “This Digital Transformation is not just a trend – it’s a vital evolution that enhances productivity, efficiency and customer satisfaction. Worldpay is on a mission to provide SMBs with the right technology, empowering independent businesses to compete and thrive.”
