The Global SME Confidence Index, based on a survey of over 2,000 SME decision-makers from France, Germany, the UK, and the US between 27th-30th August 2024, revealed the following key findings:

• 69% of SME leaders feel more optimistic about their growth prospects compared to six months ago.
• SMEs in Germany are the most positive, with 74% expressing greater confidence in their business growth, followed by 65% of SMEs in France.

A significant driver behind this optimism is the introduction of new and diverse product lines. Nearly half (45%) of global SMEs plan to launch one or two new products within the next year.

Despite this positive outlook, certain challenges remain. Inflation is the top concern, cited by 38% of respondents, followed by difficulties in marketing and customer acquisition (31%). Additionally, 25% of SMEs identified supply chain and stock availability as critical hurdles for the coming year.

To navigate these challenges, SMEs are increasingly turning to digital solutions. More than half (52%) are using online B2B marketplaces to find innovative products, while 56% plan to leverage social media, 50% their own websites, and 43% digital advertising. Cloud-based services (28%) and AI tools, such as image search (26%), are also gaining traction. AI, in particular, is seen as a major opportunity, with 24% of SMEs planning to fully integrate AI within the next three to five years.

Kuo Zhang, President, Alibaba.com, said: “Our research highlights strong growth in optimism amongst SMEs across the world, as they embrace digital sourcing channels and look to enhance their product offerings. SMEs in key global markets are united by the opportunities presented by the integration of AI, and with more than half of global SMEs planning to use social media to stay competitive, it’s clear that ambitious businesses are increasingly turning to digital tools and platforms.”

The Alibaba.com Global SME Confidence Index marks the launch of Super September, Alibaba.com’s month-long, flagship online trade show which aims to help buyers source new products just in time for the holiday season. This year, within one week since the start of the event, the number of orders on the platform increased by 69% compared to the same time last year.

Super September connects more than 48 million buyers and 200,000 suppliers from around the world to help them discover new products, services and possibilities to grow their business.

During the event, business buyers around the world can access new and exciting products with on-time delivery, as well as quality suppliers showcasing their factories and product lines through livestreaming technology and virtual reality (VR) show rooms. Through its technology platform, Alibaba.com brings B2B buyers and global suppliers together more efficiently and cost-effectively, ultimately improving margins and aiding business growth.