Alignable surveyed 7,726 business owners during the week of 28th September 2020 to understand how the crisis has affected small businesses.
The survey found that the coronavirus crisis has badly hit small businesses. Nearly 45% of small businesses said their revenues during the pandemic fell by more than 50% of their pre-COVID levels.
With the pandemic giving rise to economic uncertainties, total consumer spending at local businesses went down by 18% YoY. But, with more enterprises slowly reopening amid the new normal, consumers are increasingly returning.
In September this year, 65% of small businesses were fully operational, and 35% of them reported having almost reached pre-COVID customer levels. This article suggests business should audit brand content and adopt new measures to address coronavirus-related challenges. Increasing advertising budget can help amplify the message and attract customer attention.
[2 minute read]