Business
SMBs Driving Globalization as the Ticket for Growth, New Research From Payoneer Shows
Payoneer’s inaugural SMB Ambitions Barometer surveyed 3,575 entrepreneurs and small business owners from around the world to uncover what they are looking
About this update from Payoneer Global Inc.
[{"type":"text","content":"\nPayoneer’s inaugural SMB Ambitions Barometer surveyed 3,575 entrepreneurs and small business owners from around the world to uncover what they are looking for\n\n\n NEW YORK--(BUSINESS WIRE)--\nPayoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, today announced results from its inaugural SMB Ambitions Barometer. What the research found: an overwhelming agreement among surveyed SMBs (72%) that expanding into overseas markets results in increased revenue, but less than half (41%) are seizing the opportunity.\n\n\nThe Barometer surveyed 3,575 SMB owners and decision-makers across 15 markets including the US, Brazil, Argentina, the UK, Serbia, France, Israel, South Korea, the Philippines, Vietnam, China, India, Bangladesh, the United Arab Emirates, and Ukraine. Businesses surveyed plan to grow their exports and further globalize their supply chain.\n\n\nJohn Caplan, Payoneer’s CEO, commented:\n\n\n“The results of the first Payoneer SMB Ambitions Barometer demonstrate that globalization is here to stay. The benefits of an interconnected global ecosystem should not be limited to large companies — SMBs around the world are increasingly looking across borders for new customers and business. Payoneer is excited to work with SMBs around the world to build a more reliable and connected cross-border economy together.”\n\n\nHighlights from the research indicate as follows:\n\n\nGlobalization is here to stay: Half of surveyed SMBs expect their customers and vendors to be from overseas by 2024\n\n\n\nSMBs go global to grow: 72% of those surveyed look towards exports for growth. They expect half (50%) of their customers to be from other countries in the next two years (up from 42% in 2022). Exports made up 52% of their total revenue in 2021 and 61% by 2022.\n\n\n\nSMBs diversify and globalize their vendor base for greater agility and resilience: They expect to almost double the number of vendors between 2020 and 2024 (from 17 to 30 vendors on average), and that the proportion of international vendors will grow from 10% today to 48% by 2024.\n\n\n\nGoing global is a top priority: 41% cite “researching additional geographic markets to enter” as the most important business priority vs. 47% who cite cost reduction.\n\n\n\nGlobal supp...