Small businesses see headwinds and ecommerce growth ahead
Economic and political risks aside, U.S. small businesses are bullish on their opportunity to gain ecommerce sales experience, according to a survey of 1,000 small merchants from shipping company DHL.
For example, the outlook for ecommerce sales in 2024 remains optimistic among small and medium-sized businesses (SMEs).
65% of respondents anticipate that their ecommerce sales will increase year over year (2024 compared to 2023), with 24% expecting a significant increase and 41% predicting a slight increase, according to the survey.
“The agility of ecommerce platforms allows SMEs to quickly adapt to market changes, manage costs more effectively and reach a broader, global customer base, all without the overhead costs associated with traditional brick-and-mortar operations,” the survey says. “As inflation continues to drive up the cost of goods and services, ecommerce provides SMEs with tools to optimize pricing strategies and streamline supply chains.”
DHL findings on ecommerce sales
Inflation and shipping costs are prominent concerns for ecommerce businesses today. The survey reveals that 40% of respondents view shipping costs as the biggest threat to their business, while 38% identify inflation as their primary challenge. Likewise, 60% of respondents note that inflation is the top issue they will be following for the rest of the year.
International expansion is a key focus for SMEs in 2024. Over half of the survey respondents (53%) see international growth as the biggest opportunity for their ecommerce business. This is further supported by their priority markets for expansion, with 43% targeting the European Union and United Kingdom, and 29% looking toward Mexico and Canada.
“Overall, SMEs remain optimistic about the potential for ecommerce growth despite the economic hurdles,” according to DHL.
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