London Micro‑Businesses: 44% Beat the Odds Thanks to Digital Shifts!
When the lockdown hit, most small London shops found themselves facing a grim choice: shut down or reinvent themselves with tech. A fresh Lloyds Bank & Be the Business study shows that almost half—44%—of these micro‑ventures would have gone out of business if digital tools weren’t in their corner. That’s a hard truth, but also a reminder of how those who surfed the virtual wave are here to stay.
Going Online: New, Not New?
At the start of the pandemic, 37% of local micro‑businesses built an online presence for the very first time. A large part of that was survival‑driven; a small but growing number are now boosting online trade by more than four‑in‑ten (44%) since the crisis began.
- AD Chauffeurs Ltd. – Astero and her husband Demetrios were on a sudden halt when the city locked down. They turned the setback into a speed bump: revamped the site, added a slick payment gateway and the service now powers through busy mornings in seconds.
- Digital adoption also slashed costs: 41% reported savings and 47% say the internet simplified their day‑to‑day operations.
- But it wasn’t all smooth sailing—41% confessed the tech load felt like a mountain to climb. Roughly half (52%) received help from programs such as the Lloyds Bank Academy and WeAreDigital, which train owners in all things online.
Powered by Lloyds: A Digital Classroom
“The pandemic showed how digital skills can keep London businesses afloat,” says Ed Thurman, Lloyds Bank’s London ambassador. He highlights the Academy’s role in equipping firms with free lessons on social media marketing, finance, and cybersecurity. The goal? Upgrade every layer of the business.
The Digital Boom: Investment is Up, the Usage is Higher
Across the UK, the number of firms willing to invest in tech has doubled during the crisis. In London alone, 53% of micro‑businesses are now splurging on systems, software and training.
New Tools, First‑Time Users
- Virtual meetings: 20%
- E‑commerce: 17%
- Social media: 12%
- Online finance management: 12%
Those who already used these gateways before the pandemic are now committing even more strongly:
- Virtual meetings: 33%
- E‑commerce: 27%
- Social media: 31%
- Financial planning: 21%
What’s Next? 66% Say They’ll Keep Going
Two major digital habits have the highest chances of sticking around:
- Social media: 83%
- Online banking: 83%
- Virtual meetings: 78%
Back‑office upgrades are also on the radar—10% now use cloud software and 12% are leveraging analytics to better understand their customers.
Stay Informed—Plug Into the Digital Rhythm
Want the latest buzz from London’s buzzing micro‑business scene? Get real‑time updates straight to your device—subscribe now.
