66% of wholesale businesses are now struggling to fund vital digital projects for their sales and marketing functions within previously set budgets, according to research in which a nationally representative sample of 500 business leaders were surveyed.
Conducted by Censuswide on behalf of Software as a Service (SaaS) firm, Adventoris, the results reflect how spiralling business costs across the board are impacting companies’ abilities to fully adopt new projects, at a time when the shift to online purchasing is increasing.
The research also showed that 19% of wholesale firms have not yet been able to adopt digitisation, with budget stated as one the main barriers these firms are facing, whilst
50% of those being left behind cited lack of knowledge and 33% faced a lack of funding to progress any projects.
Chief executive of Adventoris, James Clarkson, said: “As 2023 gets underway, these findings lay bare the impact the current economic climate is having on firms in the wholesale industry and it is disheartening to see the toll inflation and rising energy costs are taking. So many businesses are being held back from reaching their true potential through being unable to progress with plans to adopt digital processes.
“Wholesale firms are vital to the UK economy and, without them, many other sectors would struggle. Digital processes are having an incredibly positive impact on improving efficiency, productivity and results, but it is obvious from our findings that firms need support to be able to access these benefits.