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Offline Businesses Likelier to Fail
Listed under: News
Published: Wednesday, March 17, 2010
Retail outlets without websites are 30% more likely to go bust, potentially losing out on as much as 37% additional revenue per year, according to a recent report from accountancy and advisory firm, RSM Tenon.
The study, which suggests website trading is the key to long-term survival, reveals that despite approximately 33 million customers making their transactions via the internet last year – up 21% on 2008 – more than 50% of retailers in the UK are currently failing to take advantage of the opportunity to go online.
Highlighting the importance of having an internet presence in today's market, Carl Jackson, head of recovery at RSM Tenon, says, “Even a basic online service can make a considerable difference to businesses and is cost efficient to run, and can substantially increase a firm’s revenue stream by expanding its customer base.”
He continues, “The recession may have officially ended, but conditions remain tough for businesses and it is vital that owners and managers take advantage of every opportunity to increase their cash flow levels in order to weather the difficult year ahead.”
How has your website affected your business? Email your thoughts to .(JavaScript must be enabled to view this email address)
The study, which suggests website trading is the key to long-term survival, reveals that despite approximately 33 million customers making their transactions via the internet last year – up 21% on 2008 – more than 50% of retailers in the UK are currently failing to take advantage of the opportunity to go online.
Highlighting the importance of having an internet presence in today's market, Carl Jackson, head of recovery at RSM Tenon, says, “Even a basic online service can make a considerable difference to businesses and is cost efficient to run, and can substantially increase a firm’s revenue stream by expanding its customer base.”
He continues, “The recession may have officially ended, but conditions remain tough for businesses and it is vital that owners and managers take advantage of every opportunity to increase their cash flow levels in order to weather the difficult year ahead.”
How has your website affected your business? Email your thoughts to .(JavaScript must be enabled to view this email address)
