Struggling to know who to trust when doing business online has created a ‘trust deficit;’cost SMEs thousands every year, says B2B search platform B2B Stars.
The research highlights how nearly 30% of businesses are struggling to build trust with new contacts, while 29% report finding it hard to distinguish between fake and genuine profiles on places like social media platforms. As a result, SMBs are losing an average of £93,000 a year due to poor decisions driven by unreliable information, false profiles, and misleading claims.
Compounding the financial pressures that many small companies already face, it’s said this lack of trust online leads to inefficiencies and ineffectiveness in finding the right companies to partner with. The ultimate long-term consequence is a reduced competitiveness and growth of the UK’s SMB sector.
Raffaele Apostoliti, CEO of B2B Stars, Said: “The digital landscape has created fantastic opportunities for businesses to connect, but without trust, these connections can become liabilities. Small businesses are particularly vulnerable because they don’t always have the tools to verify whether the companies they’re dealing with are real and which of the companies are the right ones to partner with. And when things go wrong, it’s not just a missed opportunity – it’s a significant financial hit.
“The antidote to this ‘trust deficit’ is community. By fostering online spaces where businesses can connect with transparency and confidence, we can rebuild the trust that’s been lost.”
With nearly a third of SMEs fearing they may be forced to close by the end of the year due to mounting financial pressures according to government data, the lack of reliable insights is compounding existing challenges like rising costs and shrinking demand.
“Small businesses are the backbone of our economy, and they rely on trusted connections to survive and grow,” Apostoliti adds. “But when you can’t tell who to trust, it slows everything down – businesses become isolated, hesitant to take risks, and they miss out on opportunities. We need to create stronger insights online, which can boost trust across businesses.”
