Our colleagues at Nordea conducted a survey about the effect of the pandemic on online sales, asking 600 small-medium sized companies (SMEs) in the Nordics about their experience of the pandemic and its impact on online sales channels. Here’s what they found out.
COVID-19 and national lockdowns have been a challenge for physical sales. Online shopping has become a normality and many businesses have felt the difference.
70% of those asked, believe that COVID-19 has increased the need for online sales channels, as well as the need to improve online sales channels, in order to be able to cater to the heightened demand and to compete with strong global brands.
The amount of new online sales channels reflected this. 15% of the SMEs with online sales channels, didn’t have them before the outbreak of the pandemic. This is just one of many indicators of the speed with which e-commerce has grown.
Add to this that 46% of SMEs in the Nordics have made improvements to their online sales channels in the same period, and it becomes clear that the pandemic has had a big impact on e-commerce.
70% of those asked, believe that COVID-19 has increased the need for online sales channels
But what are the biggest challenges when setting up or improving online sales channels?
42% of SMEs stated that one of the main barriers was lack of time and resources to work on it, while 36% expressed that lack of technical knowledge was a challenge for them.
In fact, almost a quarter of SMEs in the Nordics stated that it would be easier for them to get started with online sales, if they could buy the entire solution from an external provider.
Though there are many helpful solutions on the market, our survey revealed that some SMEs aren’t aware of them.
Roughly 1 in 3 of those who didn’t already have online sales channels, said that it would be easier to introduce if they had a clear understanding of the offerings of different online sales solutions.
Additionally, 23% of all respondents were not aware that some banks and financial institutions provide online payment systems that are easy to install and integrate, just like Nordea Connect.
23% of all respondents were not aware that some banks and financial institutions provide online payment systems that are easy to install and integrate, just like Nordea Connect
At Nordea Connect, we strive to stay up to date on all things e-commerce, so we can advise you and offer you the best solutions.
This survey shed light on not only the impact of the COVID-19 pandemic, but also on the most common e-commerce challenges faced by medium-sized businesses in the Nordics.
It also showed a lack of awareness of the available solutions – so let us tell you a bit about ours. Nordea Connect can offer you payments solutions that are easy to integrate and we will support you with advice and assistance every step of the way.
Interested? Get in touch or sign up for a test account to see how Nordea Connect can help you increase your e-commerce success.