London’s small businesses lead the way in digital technology

Small businesses in London in the retail sector are “soaring ahead” of the rest of the UK when it comes to implementing digital technology, research from Worldpay states.

The report reveals that 96 percent of business owners in London and the south of England are proactively investing in digital technology to expand their reach online, improve their in-store experience and become more efficient in how they run their business, compared with the UK average of 88 percent.

Worldpay also states businesses in the capital were more likely to invest in e-commerce platforms and digital marketing tools aimed at expanding their online reach and streamlining day-to-day responsibilities, 58 percent vs 42 percent UK average. Adding that 44 percent of London-based retailers surveyed are likely to allow customers to purchase online as well as in-store, compared to just 19 percent for the rest of the UK.

Dave Hobday, UK managing director, Worldpay, said: “Londoners are fiercely protective of the city’s rich mix of culture, people and shops, with more residents actively seeking out independent stores than anywhere else in the UK.

“Against a background of market change, it’s encouraging to see that the Capital’s businesses are leading the nation in technology investment – but all independent businesses need to continue to adapt to remain relevant to the modern consumer. Our research shows there’s still unexploited territory for smaller retailers in London to explore.”

Despite leading the way, the survey reveals there is significant untapped potential for the capital’s small and independent retailers to improve their digital offering. Nearly one quarter (24 percent) of business owners surveyed in London have yet to build a website, and only 16 percent of SMEs accept contactless payments, despite the fact that shopper demand for this is stronger in the capital than anywhere else in the UK.