PayPal’s Business of Change 2021 Report polled over 1000 SMEs across the UK and found Scottish SME’s are more confident (60%) about the economy reopening than English SMEs (51%).

Although 44% of Scottish SMEs are concerned that spending on the high street will never recover, 58 per cent of business owners said they plan to prioritise local customers over international sales.

With 65%of Scottish SMEs expecting the majority of consumers to continue shopping online despite lockdown restrictions easing, businesses plan to continue investing in digitalisation.

Over one third (35%) will continue to use social media to promote and sell products and services and one in four (21%) plans on implementing new digital payments to facilitate the customer experience.

Vincent Belloc, managing director at PayPal UK, said: “Optimism is high, with over two-thirds of Scottish SMEs showing confidence in a cautious reopening. However, we know that the future for business is digital.

“Small businesses need help envisioning their future and a failure to protect them will put the speed of recovery at risk. As a long-standing and trusted partner of Scottish SMEs, we will continue to be a pillar of support and growth and help them achieve their ambitions.”