The pandemic caused many businesses and organizations to suffer and even shut down permanently. Small businesses were affected in many ways, but there was also a rise seen in many places, who adapted to the COVID norms. Many countries like the US, UK, Germany, Canada, Australia.
According to data presented by Mastercard’s Recovery Insights: Small Business Reset report, a pandemic small-business boom was revealed. Around 32% more SMEs were formed in 2020 globally, as disrupted job markets, pent-up savings, and changing consumer behaviours drove new start-ups.
To accurately measure the information, Mastercard performed proprietary analysis and aggregated the sales activity within its network and third-party data sets.
This exponential growth of new small businesses around the world was largely due to the digital network. The ease and accessibility increased consumerism. COVID-19 pandemic sparked a boom in e-commerce. Not only the major economies of the world, but also in developing nations like Brazil. Thus many SMEs thrived due to low start-up costs and much lesser risks. Looking at the future prospects, this new economic scenario is here to stay.
Pic credits: pixabay
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