July 23 ,2016 | by Claire Payne
Social media critical to SMEs, survey shows
Social media is critical to SMEs, with 100 per cent of businesses turning to social channels to reach customers, according to a survey from enterprise application software company SAP Anywhere.
The survey showed that more SME retailers are using technology to help their business to develop, with over three quarters of businesses saying that it has enabled them to overcome ongoing challenges.
All of the respondents of SAP’s survey were found to be active on at least one social channel, whilst 29 per cent are using more than three social media channels to promote their business and attract new customers.
Nearly 80 per cent of SMEs said that technology is helping to boost their business, whilst 37 per cent believe that the most important area that technology could add value to is reaching new customers.
New sales and e-commerce were found to be the second most important area that technology could add value to at 29 per cent, followed by providing customers with a better experience at 13 per cent.
The survey also highlighted some of the challenges that businesses face when it comes to using technology. Over 20 per cent of businesses cited expense as a barrier to investing in technology, whilst 20 per cent said that time taken away from running their businesses was a hurdle and 17 per cent were concerned about security.
Commenting on the research, SAP Anywhere’s EJ Jackson said: “New technology can really help to play its part, enabling retailers to get a complete picture of not only their business, but every interaction with their customers. This means, at a touch of a button, then can understand and tailor their service to customer needs, which is critical in the global retail world we operate in.”
Claire Payne is a journalism graduate and News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business, and sustainability.
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