A majority of Facebook’s seven million active advertisers are small businesses.
Digital agencies, SaaS platforms and martech companies are likely to get severely affected, with one-third of all SMBs in the US at “risk of closure” over the next few months. A Yelp analysis found that the overall impact on local urban economies was four or more times bigger than any previous economic shock.
Consumer interest and search activity around local businesses dropped by 50% or more in many categories in the weeks following the lockdown. Around 48,000 shopping establishments, 30,000 restaurants, and 24,000 spas and other beauty businesses have been closed.
Reviews by customers on Yelp pages have also been highlighting health measures taken by different establishments. “Roughly one in six reviewers each day mentioned (the pandemic) by one of its names,” Yelp said in a statement.
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