Facebook surveyed more than 86,000 small to medium-sized business owners, managers and employees to understand COVID-19’s impact on their businesses.
The survey revealed that 31% of small and medium-sized businesses have completely shut due to the pandemic. 43% of the high exposure businesses like hotels, cafes and restaurants also responded to be non-operational during the crisis.
Majority of the businesses that are still operational reported economic downturn has lowered their revenue in the past 30 days as compared to last year. However, the majority of small businesses are either optimistic or highly optimistic about re-opening in the future.
The pandemic has led more businesses to adopt online connection opportunities and digital payments to accommodate clients and customers. This change in business models to align with the expectations of the next generation consumers could turn out to be a long-term shift.
[5 minute read]