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Data for today’s episode is provided by Mercator Advisory Group’s report – U.S. Small Businesses are Reeling as a Result of COVID-19
Small Business Attitudes Towards Technology Are Changing:
- 6% more small businesses claim “keeping up with technology is critical”: 61% in 2020 vs. 55% in 2019.
- 6% more small businesses claim to be “trying to employ the latest technology”: 59% in 2020 vs. 53% in 2019.
- 49% of small businesses claim they “try to keep up with bigger companies re: Tech” in 2020.
- Small businesses also registered marginal increases in the use of social media, cloud computing, and security issues.
- 35% of small businesses claim they don’t have the time to learn about new technology in 2020.
- 40% of small businesses describe technology as a “distracting headache.”
- 41% of small businesses claim that technology is too expensive.
About Report
Mercator Advisory Group’s new Insight Summary Report, 2020 Small Business PaymentsInsights, COVID-19 and B2B Payments & Cards – The Result of the Pandemic, reveals that U.S. small businesses have a much less positive view of the future than in previous years. The report is the first of three from Mercator’s annual Small Business PaymentsInsights Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s online survey of 2,000 U.S. small businesses fielded in March and April 2020.
The report details the ways COVID-19 has changed small businesses and their outlook on the near-term future of their businesses. The report also provides insight into how small businesses bank and pay for goods and services, their banking relationships, how they view technology and their top business concerns.
“Small businesses have been hit hard by the pandemic. In many ways, more than their larger counterparts. Organizations that service small business have an opportunity to help these firms as they try to come out of the COVID crisis,” states the author of the report, Pete Reville, Director of Primary Data Services including Small Business PaymentsInsights Survey Series at Mercator Advisory Group.