Main Street Optimism: eCommerce Drives Small Business Outlook in 2024

Posted under: MSME
Date: 2023-12-21
Main Street Optimism: eCommerce Drives Small Business Outlook in 2024

The COVID-19 pandemic has accelerated the adoption of eCommerce, becoming crucial for the sustainability of Main Street small- to medium-sized businesses (SMBs). Over two-thirds of Main Street SMBs engage in online sales to expand customer reach and stay competitive. Around 70% have embraced online sales to align with evolving customer preferences. The shift to eCommerce is seen as vital for staying competitive against larger companies and other SMBs. The latest "Main Street Health Survey Q4 2023: eCommerce Protects Main Street SMBs’ Bottom Line in a Cooling Market" highlights the importance of eCommerce for SMBs, with nearly 80% already using online channels. High-revenue Main Street SMBs, in particular, leverage multiple eCommerce platforms to strengthen their online presence. Main Street SMBs relying on eCommerce are optimistic, with 57% expecting revenue growth in 2023, despite slowed economic growth, as eCommerce becomes crucial for navigating challenging times.

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