An independent survey commissioned by digital agency Studio Graphene of 754 senior business leaders from UK firms has found concern around the current economic climate.

More than half of UK leaders believe their companies’ digital platforms fail to stand out against competitors, with almost half ready to invest in making improvements in 2023.

However, despite this appetite for platform upgrades, around 65% worry the recession, high inflation, rising interest rates, and the current economic climate will prevent them from investing in customer-facing tech next year.

Researchers discovered that around 46% of decision-makers have business plans to update, refresh or completely recreate their digital platforms by the end of next year.

However, 65% currently lack the digital skills required to do so, with 48% reporting a “damaging” lack of digital skills within their business.

Ritam Gandhi, founder, and director of Studio Graphene, said: “Despite the rush to embrace digital transformation in recent years, clearly many businesses remain unhappy with their websites, apps and customer-facing tech, leaving them envious of their competitors.

“It is a common issue, and that almost half (46%) of companies plan to invest in revamping their digital offering in 2023 is telling.

“Crucially, however, our research exposes two significant obstacles: the current economic climate and the digital skills crisis. With tight budgets and limited internal expertise, businesses must be extremely savvy in the way they plan and execute digital projects next year.”

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Despite 66% think their digital platforms are effective in explaining who they are and what they do, 44% said that they do not do justice to the quality of the product or service they offer.

Additionally, more than half (52%) of UK businesses believe their competitors have better customer-facing tech than they do.

Gandhi continued: “Creating great digital products needn’t require huge investment, but the process has to start with a razor-sharp understanding of the user and how you can capture their attention. And understand, often, less is more.

“From this starting point, businesses can create compelling platforms that make them stand out, in turn helping them achieve cut-through in this challenging, uncertain period.”

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