Our Research: Digital Transformation
The coronavirus pandemic has forever changed consumer behavior and how business is done. Tech giants and other large companies were able to capitalize on this seismic shift, leaving vulnerable small businesses behind, particularly those owned by women and entrepreneurs of color.
To ensure an equitable recovery and to level the playing field for small businesses, we have launched an in-depth, multifaceted research project to better understand what these businesses need to compete in a radically changed environment.
With the generous support of Wells Fargo, this ongoing project will be looking at the following topics as it relates to small business' digital transformation: to be the primary sponsor on this multifaceted, 18-month research project outlined below.
- Understanding what types of businesses continue to be left behind in the digital transformation, and why;
- Identifying what specific pain points and barriers still exist for businesses that have made the transformation, or for those that were already digitally fluent pre-pandemic;
- Using this research to inform better service delivery and educational content for partner stakeholders (including technical assistance providers, community-based organizations and others), as well as policy change.
Reports in the series:
This multifaceted study that examines how small businesses adopted new digital technologies during and after the pandemic. While many small businesses have adopted new tools to support their growth, the report also reveals that challenges remain, especially for businesses with less revenue. For this report we surveyed small business owners on several distinct topics, such as general digital literacy and broadband access, online presence, accounting, finance and point-of-sale technology, customer relationship management systems, human resources, cybersecurity, and artificial intelligence.
The COVID-19 pandemic completely altered consumer behavior and how entrepreneurs operate their businesses in order to successfully reach customers. In our latest survey on small business digital transformation in the wake of the pandemic, we explored various opportunities, challenges and concerns surrounding how they use digital accounting software and digital point of sale systems to manage their business’ finances.
The COVID-19 pandemic completely altered consumer behavior and how entrepreneurs operate their businesses in order to successfully reach customers. In an increasingly online world, understanding how businesses build their digital presence and connect with and sell to customers is more important than ever.
In our latest survey on small business digital transformation in the wake of the pandemic, we explored various opportunities, challenges and concerns surrounding small businesses’ website, social media, digital marketing and e-commerce efforts. Underpinning this analysis are economic conditions that are weighing on small businesses in a challenging climate. Although they are largely optimistic, 60% of small businesses report that expenses have increased over the previous three months while revenues and headcount have largely remained flat.
The coronavirus pandemic has forever changed consumer behavior and how business is done. Tech giants and other large companies were able to capitalize on this seismic shift, leaving vulnerable small businesses behind, particularly those owned by women and entrepreneurs of color. To ensure an equitable recovery and to level the playing field for small businesses, we have launched an in-depth, multifaceted research project to better understand what these businesses need to compete in a radically changed environment.
This first survey specifically explores small business confidence in implementing digital tools and technologies, their digital literacy and their access to broadband. Additionally, the survey reveals the current state of small business growth and how this may impact their digital transformation.
