UK SMBs spend over £1tn on technology and tools to run their business
Worldpay research has revealed that UK SMBs are investing 36% of their yearly revenue – amounting to over £1tn – in new tools and technology to help run their business. This shift underscores the growing commitment of SMBs to embrace innovation to support productivity, efficiency and better meet customer expectations.
Just 1% of SMB owners say they are not using technology to manage any part of their business. This marks a significant shift over the past decade. Research conducted by Worldpay in 2015 indicating that 1 in 5 SMBs were running their business on pen and paper**.
Worldpay’s study found that:
- 90% of businesses report that their tech investments have turbocharged efficiency.
- SMBs are integrating technology across functions: 54% for financial management, 49% for marketing and sales, and 47% for payment processing.
- Tech adoption is strong in employee management, inventory control, and CRM, averaging 40% in these areas.
SMBs of all sizes are embracing agile technology solutions to enhance the running of their businesses including The Smirkin’ Cod fish and chip shop in Swansea. Commenting on how their own technology investments have improved the running of the business, owners Mike Smith and Ben Parkin said: “Worldpay 360 has been a game-changer for us – it’s already saving us hours of admin each week. It’s made the day-to-day running of the business much smoother and the back office has also enabled us to easily add products, make amendments, add users and much more.”
Chris Wood, general manager, SMB International at Worldpay, said: “At Worldpay we’ve proudly supported SMBs for decades, witnessing firsthand the transformative power of technology in reshaping how these businesses operate. This digital transformation is not just a trend – it’s a vital evolution that enhances productivity, efficiency, and customer satisfaction. Worldpay is on a mission provide SMBs with the right technology, empowering independent businesses to compete on a level playing field and thrive”
Worldpay has recently launched Worldpay 360, an all-in-one business management and payments solution. Available across retail, hospitality and service sectors in three flexible bundles (Lite, Standard and Pro), the solution integrates Worldpay’s payment hardware and technology with Yabie’s intuitive software. Worldpay 360 allows merchants to set up quickly and access powerful features including inventory management, table management, and customisable receipts directly from the till interface.