U.S. small businesses are still bucking headwinds corresponding to inflation and other economic challenges as they cross the mid-year point. Nonetheless, a brand new survey of 1,000 small to medium-sized business owners from DHL shows two-thirds of small enterprises are optimistic about growing ecommerce.
The outlook for ecommerce sales in 2024 stays positive amongst small businesses. In response to the survey, 65% of respondents anticipate that their ecommerce sales will increase year-over-year (2024 vs. 2023). 24% expect a major increase and 41% predict a slight increase.
“This positive sentiment highlights the resilience and growth potential inside the e-commerce sector, as businesses proceed to adapt and find recent ways to thrive within the fluctuating environment,” the survey says. “Only 6% of respondents foresee a decrease year-over-year, indicating a robust overall confidence within the continued expansion of online sales.”
Nonetheless, the survey also reveals that small businesses do have some concerns over the ecommerce portions of their enterprise.
Three concerns small businesses have about ecommerce
- Higher costs for delivery.
Inflation and shipping costs are outstanding concerns today for ecommerce businesses — large and small. The survey reveals that 40% of respondents view shipping costs as the largest threat to their business. Meanwhile, 38% discover inflation as their primary challenge. Likewise, 60% of respondents note that inflation is the highest issue they will likely be following for the remaining of the yr, in comparison with other subjects just like the presidential election, AI regulation and ESG regulation. - International business growth is a top priority for SMEs.
International expansion is a key focus for SMEs in 2024. Over half of the survey respondents (53%) see international growth as the largest opportunity for his or her ecommerce business. That is further supported by their priority markets for expansion, with 43% targeting the European Union (EU) and United Kingdom (UK), and 29% looking toward Mexico and Canada.
“As businesses look to expand globally, customs compliance also stays top of mind, with multiple SMEs noting that compliance with destination customs to streamline clearance will likely be key to market growth,” in accordance with the survey. - International trade.
The views of U.S. presidential candidates on international trade are poised to significantly influence voting decisions amongst business owners. In response to the survey, 65% of respondents agree that the candidates’ stances on international trade will affect their vote, with 23% strongly agreeing.
Submit a nomination
Nominate a game-changer for the Global B2B eCommerce Industry Awards from Digital Commerce 360 and the B2B Ecommerce Association.
Join
Join for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends within the growing B2B ecommerce industry. Contact Mark Brohan, senior vp of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn, Twitter, Facebook and YouTube.
