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eCommerce Fuels 2024 Optimism for Main St. Small Businesses – PYMNTS.com

The COVID-19 pandemic accelerated the shift to an eCommerce economy, resulting in historically high sales in 2020 and 2021. Almost all small- to medium-sized businesses (SMBs) on Main Street see eCommerce as crucial for the sustainability and viability of their presence in the marketplace.More than two-thirds of Main Street SMBs engage in online sales to expand customer reach and boost sales, demonstrating that eCommerce is essential for staying competitive with both larger companies and other SMBs. Nearly 70% have adapted to online sales to align with changing customer preferences. The businesses that serve Main Street SMBs should consider adapting their services to support this eCommerce shift.These are just some of the findings detailed in “Main Street Health Survey Q4 2023: eCommerce Protects Main Street SMBs’ Bottom Line in a Cooling Market,” a PYMNTS Intelligence and Enigma collaboration. This edition draws insights from a survey of 540 SMBs that generate less than $10 million in annual revenue and have at least one brick-and-mortar location in commercial districts across the United States. It explores how eCommerce helps Main Street SMBs increase their business activity.Other findings from the report include the following.Virtually all Main Street SMBs recognize the importance of eCommerce for their business… 

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