Six in 10 SMEs plan to increase digitisation investments by more than 25%: survey

The majority said funding is the biggest challenge to the digital shift.

More than nine in 10 (93%) of SMEs said digitisation is necessary for their growth but three challenges hinders them in doing so, a DBS study revealed.

In the study that polled 105 respondents, funding emerges as the top challenge in digitalisation (57%), followed by limited resources (46%), and relevant technical expertise / skillset (43%).

Despite the challenges, 65% plan to increase their investments in digitalisation by more than 25%, higher than in 2022.

Asked about their top business priorities in the next five years, businesses cited digital marketing (46%), establishing an online presence / e-Commerce / mobile applications (41%), and developing data analysis and management (37%).

The survey was conducted in Hong Kong between March and June 2023 to understand the community's attitudes and priorities towards digital transformation