Despite the rapid growth of e-commerce, nearly half or 42% of Latvian entrepreneurs monitor sales and other business-important indicators just once a month or even less and are therefore unable to make operational business decisions.

Oftentimes, Latvian businessmen look at the performance indicators once a month – nearly a third or 28% of the respondents do this, whereas another 14% of businessmen look at the data less often than once a month, most often from the construction, immovable property, ICT and education sectors.

According to a survey of entrepreneurs, 13% of Latvian entrepreneurs look at the key metrics for their business on a daily basis. In comparison, for instance, Lithuanian companies monitor data more actively in just about all categories. Among company managers in Latvia, only 12% monitor business data every day, whereas in Lithuania, almost twice as many – one in five business managers do this.

E-commerce volumes are growing faster than the habit of entrepreneurs to keep track of sales results, and their ability to respond to them promptly. Experts predict that it will be 2026 before e-commerce business levels organically reach the level they attained during the pandemic. Therefore, entrepreneurs must also prove able to adapt to such a rapid development cycle and successfully deal the biggest challenges they face such as offering appropriate payment methods, measuring efficiency and analysing the continually growing volume of data.

Regular and active monitoring of the company’s binding data is one of the key factors for the entrepreneur to be able to analyse his activity and adjust it if necessary. Each purchase is an element of business data, which, if handled skilfully, can help an entrepreneur identify opportunities or risks, such as when the most active purchase moments are and which are the customers’ favourite payment channels.

By monitoring this data on a regular basis, entrepreneurs can quickly make important decisions such as optimizing working hours, adding payment options and bolstering the functionality of the website. In addition, these days, an entrepreneur must be able to easily access and process business data from just about anywhere in the world, and notably accessibility and transparency on smart devices is one of the parameters that Citade business portal users highlight as being significant.

The survey of Latvian and Lithuanian businessmen on investments in digital and e-commerce tools was conducted by Citadele bank in collaboration with market research agency Norstat, surveying 510 businesses in each country during August.

About Citadele bank

It is Citadele’s mission to modernize the banking industry and provide customers and businesses throughout the Baltics with increasing opportunities.

Along with classic banking services, Citadele offers its customers a service offering based on the latest generation of financial technologies: starting with a modern app, contactless payments and instant payments, and finally, as the first in the Baltics, offering to open an account with a selfie, pay with a ring and by mobile phone numbers.

Citadele is the second largest bank in Latvia in terms of assets. Citadele Group is managed from Latvia. Its subsidiary enterprises and branches operate in Latvia, Lithuania and Estonia.

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