Tracking the shifts in the business market, let’s start with the small business landscape? Axios dug into that – particularly the migration online. Some stats.
Stripe’s CEO says “more businesses launched on Stripe since the start of 2020 than in the rest of the company’s history”, founded in 2009.
Facebook said in April it has more than 200 million businesses using its free services, more than double since 2019. Etsy in May indicated that the number of active sellers moved from 2.7 million in 2019 to 4.4. million in 2020, and GoDaddy claims in 2020 it added more than double the number of customers than it added in 2019, at 1.4 million net customers.
On the broadband front, Smartphone ownership increased 4% to 85% in 2019 and home broadband subscriptions have increased 4% to 77% among American adults since 2019. This new data per Pew Research… which also includes data highlighting 30% of Americans having problems connecting to the internet at home, of which 9% says this happens often.
Why do we care?
85% of adults owning a smartphone is a big deal. Only 67% of Americans voted in 2020.
What I’m struck with on this data is the significant changes to the way consumers are using technology. Ecommerce, digital connectivity, and small business sales are changing. While much of this is consumer focused… anyone in small business knows the line between consumers and small business is very porous.
My takeaway is obvious – don’t assume what was true before is true now. The pandemic, and the emergence after, have changed preexisting patterns. Past performance is not an indicator of future results.