Experts estimates that worldwide internet use will reach 1.35 billion in 2007. This growth represents exciting new markets for SMEs who manage to tap in to them.
For smaller businesses to do this, the report suggests that companies need to adopt a "multi-channel approach across all business functions and processes".
The report says: "Understanding the future of online channels is a must for any organization that hopes to compete effectively in today's technology-centric world."
Recently, consumer switching website uSwitch suggested that online sales will account for 15 per cent of the UK's total retail spend by the end of 2007. By 2020, the site estimates that this will have increased to 40 per cent.
As consumers use the internet more, SMEs will increasingly have to ensure their web presence is effective if they hope to survive.
SMEs fail to take advantage of online selling
Despite the fact that eCommerce is currently more profitable and easier to run than ever before, fewer SMEs are implementing it, a new study reveals.
A report from software company Actinic showed that around 90 per cent of SMEs with ecommerce sites said that they were profitable compared to 70 per cent in 2005.
Read more: But, despite this, only ten per cent have a transactional website - one that accepts telephone orders - and only a quarter of these offers eCommerce facilities.
The survey also showed that the cost of setting up an eCommerce service is a full 40 per cent less than expected - coming in at £1,585 (compared to a predicted figure of £2,416).
"Online stores are rarely unprofitable, because there is huge growth in the sector and overheads are far lower than their offline counterparts," said Chris Barling, chief executive officer at Actinic.
"More consumers are letting their fingers do the shopping, but still too few smaller businesses are grasping the opportunity," he continued.
"Given the ease with which you can set up a web store nowadays, there is no reason not to take the plunge - especially if you already offer home delivery."
The study showed that, of the company's not yet offering eCommerce services, 20 per cent are planning to implement one soon, while two-thirds are not interested in doing so.
So stop hiding and let the world know you’re out there.
SEO, why are you hiding? - To learn more about this author, visit Sefton Oliff's Website.
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