2023 hasn’t been an easy environment for small and midsized businesses (SMBs).
Business bankruptcy rates jumped 30% between September 2022 and September 2023, as macro factors like record-high interest rates and the end of pandemic relief increasingly battered small businesses’ prospects.
That’s why it has never been more crucial for Main Street SMBs to identify and act upon new tactics to protect their bottom lines.
“We went through one of the most volatile macro environments … and I think many [SMBs] are now starting to think about going on the offensive,” Charles Zhu, VP of product at Enigma, told PYMNTS.
“Investing in eCommerce and omnichannel experiences are key in differentiating those that grow and those that lag behind,” Zhu said. “If you have an online channel, it’s another way of going on the offense as the economic environment stabilizes.”
Main Street SMBs relying on eCommerce or omnichannel sales displayed a higher level of optimism (57%) compared to those primarily relying on in-store purchases (38%), according to joint research by PYMNTS Intelligence and Enigma, suggesting that SMBs are recognizing the importance of digital channels in a stabilizing economic environment.
www.Pymnts.com ; December 29, 2023
