the future of small business - technology, AI

The Future of Small Businesses

The pandemic has shifted consumer behaviour and sparked a reset in the way small businesses in the UK operate.

Despite a year of uncertainty, our recent study reveals that for over two thirds of Brits, the pandemic has shown them how important small businesses are to society.

A generous 41 per cent would even be prepared to pay more for a coffee or lunch if it meant supporting a small business. With 63 per cent saying this is to help the local economy, now is the perfect time for small businesses to plan for the future.

It’s younger people who are leading the charge in shopping small with half (49 per cent) of 18-24 year-olds planning to support small businesses more post-pandemic, along with 43 per cent of 25-34 year-olds; In comparison, just 24 per cent of over 65s said the same.

To dig deeper into what the future holds for small businesses in the UK, we partnered with leading British Futurist, Andrew Grill, who has predicted the key trends that will impact small businesses from certain industries over the next five years and beyond.

From VR workouts and digital pills in the fitness and wellness industry to increased automation in food and beverage businesses, Andrew has detailed the key steps small businesses can take to capitalise on these innovations.

The infographic below captures some of the key changes in consumer behaviour and future trends that will help to shape the future of small businesses.

The future of small businesses