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Report

January 5, 2021

Digital resilience of small businesses, 2021 Report

The onset of the COVID-19 pandemic sparked a drastic evolution in the ways that small businesses interact with their customers. In fact, nearly all small business personnel surveyed (92%) in a new study from Moxo said their organizations adopted new technologies during the pandemic.

While digital and mobile solutions have been an important driver of companies’ success for years, the challenges faced by business owners and executives this year have revealed just how vital consumers consider these options - and exposed just how prepared and digitally resilient businesses were heading into the future.

In order to better understand the impact that the pandemic had on consumer sentiment around digital offerings and inform decision-making heading into the New Year, the 2020 Small Business Digital Resilience Report by Moxo surveyed 1,500 small business personnel and 1,500 small business customers across three key sectors: financial services, legal and real estate — all high-touch industries that must carefully manage secure client communications.

“This year, businesses learned that digital resilience was critical to surviving the pandemic — however, digital resilience is also critical to surviving in today’s digital age, period,” said Leena Iyar, Chief Brand Officer for Moxo. “However, the findings of this report indicate that consumers are demanding that businesses provide a simpler, more streamlined and more effective digital experience, or else they’ll move on to a competitor who will.”

Key findings from the report include:

“Small businesses are making headway with new technology. But just like the consumers they engage with, these businesses are also struggling to streamline interactions with the prevalence of disparate, disconnected technologies,” noted Iyar. “By leveraging a high-touch, comprehensive portal, businesses will be able to provide holistic virtual experiences that mirror customers’ natural behavior.”

Additional key findings from the 2020 Small Business Digital Resilience Report include:

To read the Small Business Digital Resilience Report and learn more about the state of customer engagement for small businesses, click here.

About Moxo
Modernize your client interaction workflows with Moxo. Today’s client engagement activities are stuck in the chaos of fragmented silos — requiring significant manual intervention. Moxo provides a OneStop Client Hub for managing client interactions through modern digital automation. Streamline deadline-driven client interactions, including account onboarding, account servicing, exception handling. Our team has a rich history of pioneering in the engagement space: Moxo’s co-founder and CEO, Subrah Iyar, was the co-founder and CEO of Webex, and Moxo’s co-founder and CTO, Stanley Huang, held senior engineering management positions at Cisco Systems and WebEx.