Home Sponsored Content What you need to know about the street-side business boom in London

What you need to know about the street-side business boom in London

by LLB Reporter
23rd May 22 9:51 am

Sponsored by American Express Merchant Services

Did you know? The number of new businesses started in the UK increased by 14% in the last year despite the impact of the Covid-19 pandemic, outpacing the global average of a 6% increase in business start-ups.

There were almost 726,000 new businesses created in the UK in 2020 compared to just over 636,000 in 2019, according to data by consultancy firm UHY Hacker Young.

The UK ranks in the top five out of 22 countries studied in UHY’s global new business creation league table.

The pandemic resulted in thousands of people losing their jobs or taking a sizable pay cut – which led to an onslaught of new businesses set up in London. Some Londoners used the coronavirus crisis as a springboard to achieve their lifelong ambitions while others were forced to think creatively to pursue new businesses and careers. All in all, a vast majority of the capital’s population did not let the unprecedented economic misery prevent them from exploring weird and wonderful business ideas.

And Londoners embraced small shops in a truly extraordinary way. From throngs of people consciously deciding to shop from independent retailers to big finance players such as American Express backing small businesses through campaigns like Shop SmallTM – street-side businesses kept the economy going in the face of toughest times in living memory.

Are you missing out the benefits of accepting American Express® Card payments? As part of their Merchant network, you’ll benefit from:

  • Opportunity to be part of Shop Small*, a campaign dedicated on promoting local businesses to our Cardmembers, fully funded by American Express at no cost to you
  • Transparent and competitive pricing where you only pay when you receive a transaction
  • No setup costs or hidden fees.
  • Speedy payment options
  • Complementary marketing support as be promoted via the Amex Map and Amex App and receive free branded signage material
  • Help prevent fraud through American Express® Safekey
  • Access to free tools, resources and insights like podcast videos and tutorials
  • *Eligibility Criteria Applies

SIGN UP TODAY

The one thing pandemic taught the world: shopping online and whipping out your card to buy anything from grocery to new furniture. This meant that street-side businesses equipped themselves with the technology and card payment systems to make customers’ shopping experience as quick and convenient as possible.

McKinsey’s report titled ‘From surviving to thriving: Reimagining the post-COVID-19 return’ found the acceleration of digital, tech, and analytics as a key point in boosting small businesses in a post-pandemic era.

“It’s already a cliché: the COVID-19 crisis has accelerated the shift to digital. But the best companies are going further, by enhancing and expanding their digital channels. They’re successfully using advanced analytics to combine new sources of data, such as satellite imaging, with their own insights to make better and faster decisions and strengthen their links to customers,” it said.

Read more:

Shop Small: supporting small businesses in a post-pandemic world

10 things you need to know about setting up a street-side business

Entrepre-hers: How women in business are chasing growth post-pandemic

Shop Small: 10 weird and wonderful businesses you need to know about

McKinsey also pointed out that customers, who are battling a cocktail of factors including inflation, rising energy bills among others, should be left, right and centre when determining business strategies.

“Purpose-driven customer playbook” is the tool the consultancy said is the crucial element in setting up successful street-side businesses.

“Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights,” it said.

What’s worked for the so-called “pandemic entrepreneurs” is their digital-first mentality.

Seventy percent of businesses surveyed by Salesforce recently said that their new business was born out of technology or tech-focused from day one.

“That includes everybody from fitness pros offering training sessions via video call to gig-economy workers who pick up jobs on app-based platforms. In fact, over a quarter of entrepreneurs we talked to said theirs is a purely “digital business” (e.g., app development).”

Are you missing out the benefits of accepting American Express® Card payments? As part of their Merchant network, you’ll benefit from:

  • Opportunity to be part of Shop Small*, a campaign dedicated on promoting local businesses to our Cardmembers, fully funded by American Express at no cost to you
  • Transparent and competitive pricing where you only pay when you receive a transaction
  • No setup costs or hidden fees.
  • Speedy payment options
  • Complementary marketing support as be promoted via the Amex Map and Amex App and receive free branded signage material
  • Help prevent fraud through American Express® Safekey
  • Access to free tools, resources and insights like podcast videos and tutorials
  • *Eligibility Criteria Applies

SIGN UP TODAY

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