Facebook’s New Insights Shed Light On Impact Of COVID-19 On Small Businesses

The most recent insights from Facebook are about how immensely the current COVID’19 pandemic has been affecting small and medium-sized businesses. The reprise of its state of the small business report explains much about the impact on SMB’s around the globe.

The detailed report has an extensive analysis of the impact of the pandemic on different sectors in business globally.

The insights include the statistics starting from the mid of 2020 and feedback from more than 30 thousand business keepers from more than 50 countries. They aim to highlight the challenges and problems faced by the owners to run their businesses in such times. The insights include almost all the fields and organizations due to the fact that all of this together will affect the economy and will help regulate the market value.

Let us see some key points of the Global State of Small Business report here:

As compared to 2019, the businesses are still showing lower sales even as compared to the last month, sales.

Small and medium-sized business owners are eagerly looking for the vaccine to come out so that things get back to routine. The lower sales have also triggered the SMB’s to look for other options to carry out their work, which is shown by a 62 percent rise in the buying of shares on digital platforms.

One thing that pandemic has brought about is the digitalization of brands, the notion of online shopping has practically opened new opportunities. According to many people, they would stick to online shopping even if everything gets back to normal.

The report also features ongoing supply issues, with supply chains disturbed by different COVID-19 relief measures.

So it's not simply getting individuals available or to your site, it's additionally sourcing items that are slowing down the SMBs. The numbers underline the broad scope of the effects and the impact on the worldwide economy.

Also, 70 percent of businesses in smaller communities have reported lower sales while 36 percent of businesses have closed during the pandemic.

The report also shows how the COVID-19 pandemic has negatively affected minority communities.

Also, the reason behind Facebook‘s motivation, and other social media platforms, are providing a lot of support for Black creators and businesses. COVID-19 has hit these communities significantly, and we have to support the minority groups to keep them going.

Facebook insights have also reported about the gender-wise analysis and how the business is impacted along with domestic duties of women workers especially. 87% of female business owners have reported domestic responsibilities impacting their work, while 72% of male business owners.

It will take time but things will surely get better for everyone if we help each other.

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