Small Business Research Board (SBRB) study findings establish that the state of New York is far ahead of all other northeastern states as far as the use of internet to generate e-commerce revenue is concerned. The northeastern states including New York expect considerable revenue gains through e-commerce in coming years having a share of 98% at present. The study includes an opinion of almost 43.8% businesses voting for a better growth in coming times.
The SBRB sponsored this study in collaboration with the ‘Business today Magazine’. It demonstrates a pattern of evolution of the e-commerce oriented business prospects in different regions of the United States. The Midwest region secured second to the New York in this study with a revenue generation projection of 32.7% in coming 24 months. Barely 1.3% of the small businesses predicted a projected decline in the e-commerce revenue generation prospects.
This countrywide study of SBRB and ‘Business Today Magazine’ included owners and managers of more than 550 small businesses representing numerous industries. The study report classified results based on industry, state, segment, region, experience and commitment along with the products and services through e-commerce mode.
The study finds that 73.3% of the businesses in New York have a website and 7% of them have even more than one. Northeastern region has the highest numbers of websites with 69.1% ratio. In New York 48.6% of the businesses, offer their products and services online with e-commerce. Nearly 61.6% of the companies in northwestern region accepted generating revenue from their websites. In New York, this ratio was higher with 62.9%. In northeastern region, 42.8% and in New York, 43.9% companies gave credit to the internet sales for generating more than 10% of their total revenue in the year 2006 alone.
The ‘SBRB-Business Today Small Business e-commerce Study’ is an attempt to evaluate e-commerce and its impact on small businesses. It analyzed a period of five years and the data thus generated are of great help in establishing trends and patterns of growth with historical benchmarks. Industries involved in this study represent sectors like manufacturing, construction, retail, food and beverage, distribution and wholesaling, transportation and automotives.