According to new research commissioned by Ricoh Europe, nearly a quarter (24%) of the 3,300 SMB leaders surveyed from across 23 countries expect to sell entirely different products and services within the next five years. Europe’s small and medium sized businesses (SMBs) are fundamentally re-evaluating their market offerings as they aim to keep pace with consumers’ demands in the digital age. 

With heightened customer demands dictating the direction of change, 59 per cent of SMB leaders claim innovation is now a top priority. Value for money, demand for choice and emphasis on the quality of experience are deemed to have the most influence over how market offerings can stay current and relevant. As a result, 91 per cent expect to change their products and services to at least some degree.

Technology is seen as playing a vital role in the innovation process, with 45 per cent of SMB leaders planning to use data driven insights to help shape their product set. However, concerns still exist with 59 per cent calling for access to better workplace technologies, 42 per cent wanting clearer routes to funding and 39 per cent identifying complex regulation as a key challenge. 

David Mills, CEO of Ricoh Europe said, “today’s SMB leaders are tasked with charting a path through increasingly uncertain times. The good thing is that this can force companies to reconsider the direction they’re taking and help them find a more successful route to market. In particular, technological advancements are allowing for progressive change across an increasingly wide range of sectors. Leaders are telling us that increasing the quality of their products is key, but so are lowering costs and accelerating time to market. When taking the time to reassess their offering it’s essential they carefully consider how their organisation can work in more effective ways to strike the right balance.”

Find out more at www.ricoh-europe.com/thoughtleadership