Nordic merchants are most likely to need cash
65% of European e-commerce businesses used loans in past 2 years. Source: shutterstock.com
According to Ecommerce News, two-thirds of European online merchants have needed extra finance in the past 2 years.
Nevertheless, loans carried out after the COVID-19’s outbreak aren’t included in this statistic. Online merchants need a loan the most for buying equipment.
The report found that 23% of companies that needed extra money used it to cover payroll. At the same time, 26.5% of them needed extra cash to cover business costs.
Speed is an important factor for smaller e-commerce companies. It concerns to getting a loan to repair equipment, restock, or increasing personnel just before important holidays.
Although, 24.6% of merchants had to wait for 3 or 4 weeks for funds, while 21.7% had to wait for several months. Meanwhile, 6% even had to wait up to half a year.
We’ve reported that 40% of Brits have less than ￡1,200 in cash savings
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