There is no doubt about it, the pandemic has produced quite a significant economical downturn, particularly with a lot of small businesses struggling to make ends meet.
According to a Xero.com report, most of the small business’s revenue have dropped by 27% in the UK, 11% in Australia and up to 40% in New Zealand. Small business job losses have been as much as twice as large as losses for big businesses.
However, since the global lockdown has mostly been lifted in June, the majority of small businesses have started operating again and slowly but steadily rising back in revenue growth. This trend being noticed for all three countries.
Figure 1 showcases the small business revenue growth as of February 2020 in United Kingdom, Australia, and New Zealand.
What does this mean for the small local businesses? Particularly in Oxford? It means there is potential for recovery.
Some businesses could even see a positive impact from the pandemic, if they are able to grow their operations within the technological sector.
An article by EC Europa showcases the development of the retail trade industry and how the impact it had compared to other industries. A clear difference is the mail orders & internet operated businesses that have seen a significant rise in their total trade practices.
We believe this represents a good opportunity for businesses to begin getting in involved in building an online presence either through directly supplying products and services or building a strong business profile that would reach more customers.
This is where social media marketing provides an important foundation strategy for small ventures to produce more leads that could become real customers.
Figure 3 shows the rise of social media user activity as of July 2020.
According to the Hootsuite report this is not only a rising demand of social media activities but every other online service has seen an increase from online tv shows and films, video games to online videos, streaming and podcast services.
We believe online marketing; particularly social media marketing plays an important role in promoting products and services and could very well be the future of business trading, especially for local businesses that wish to make themselves seen in both local and regional communities.
Social media marketing has the potential to create a much more stable bridge between local businesses and its target audience and by creating an online presence, businesses can make its vision and values much clearer to potential customers without visiting the premises thus targeting the right audiences.