Faced with an increasing number of macroeconomic challenges, small and medium-sized businesses (SMEs) in Ukraine are resorting to using artificial intelligence technologies, supplier diversification, and entering into new trade routes, according to a Payoneer study.
Thus, 46% of surveyed SMEs already have an international client base, 4% more than last year. In addition, almost 66% of respondents believe that having a diversified, international network of suppliers helps to protect their business from global shocks.
Two of five SMEs (40%) choose Europe and Central Asia as a priority for expanding their customer base over the next five years, up from 33% last year. Already, 61% of the Ukrainian SME client base is international, which is one of the highest indicators globally. For comparison, the average share of international customers worldwide is 46%.
At the same time, businesses face several barriers on their way to international markets. Among them are local restrictions and sanctions (41%) and external events (41%).