Financial challenges have overtaken lockdown orders as the primary reason surveyed small businesses reported being closed.While small businesses continue to reopen, many still reported lower sales and sustained reductions in employment due to the COVID-19 pandemic.From surveying an additional 25,000 small businesses across more than 50 countries in July, we found that: Today we are releasing the third edition of the Global State of Small Business Report, a research collaboration with The World Bank and OECD to provide monthly updates on how small businesses are faring as they weather the global pandemic. Originally published on Septemat 3:00AM PT: SMBs that increased their usage of digital tools were nearly 4 times more likely than other SMBs to target new customers with their marketing efforts and were 3.5 times more likely to launch new products.Īnd 78% of SMBs that started using digital tools during this time expected usage to further increase after the pandemic.Ĭheck out the latest Digital Tools in Crisis and Recovery SMB report.Of the now-open SMBs that closed at some point during the pandemic, an increase in digital tool usage was associated with shorter closure periods.Younger and female business leaders were more likely to adopt or increase their usage of digital tools.77% of the SMBs we surveyed indicated they started using or increased their usage of digital tools at some point in the customer lifecycle, with social media and online messaging seeing the most growth.These findings demonstrate how digital tools are helping SMBs adapt and overcome some of the challenges of the current environment. Today we’re sharing findings from the second Facebook-commissioned research study by Deloitte that examines how SMBs have changed their digital strategies since the COVID-19 pandemic began.
See the full Digital Tools in Crisis and Recovery US Report.
SMBs who reported using targeted advertising on social media were twice as likely to target new customers.Today we’re sharing additional findings and analysis from the Facebook-commissioned research study by Deloitte that examines how SMBs have changed their digital strategies since the COVID-19 pandemic began, specifically in the US.