Oct 13, 2020 - Economy

First things first: The digital safety net for SMBs post-COVID

Jake Ward, President of Connected Commerce Council (3C).

Jake Ward, President of the Connected Commerce Council (3C), during Google's virtual Small Business Matters Roundatable.

85% of SMBs say COVID-19 made them rethink their approach to digital tools.

Why it’s important: SMBs that are using digital tools, technology services and have access to online marketplaces are more likely to have survived the early days of COVID-19 and become resilient because of it, said Jake Ward, President of the Connected Commerce Council (3C).

  • SMBs that were early adopters of digital tools anticipated 4X better revenue for 2020 compared to those that were less prepared digitally.

3C and Google surveyed over 7,000 SMBs and found that nearly every small business in the U.S. was affected by COVID-19 in one capacity or another – and still is, in many cases.

  • But the study also reveals how SMBs have utilized digital tools in their business models in order to overcome these unprecedented challenges.

“Access to digital tools, services and marketplaces are the silver bullet for millions of American small businesses. They’re the thing that enables growth, resilience and sustainability in the long-term.”

- Jake Ward

Key numbers from the Digitally Driven report:

  • 72% of SMBs increased the use of digital tools during COVID-19.
  • 53% plan to continue to use more digital tools after the pandemic.

The challenge: SMBs have to believe that they can make the most out of these digital tools, said Ward.

  • “It’s the investment of time and energy ahead of the crisis that will make your business more sustainable,” he added.

The takeaway: The U.S. has seen a remarkable digital transformation over the last 6 months and Ward is confident it’s here to stay.

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