Now, more than ever, people are realizing the importance of togetherness and being in a community. That’s why more consumers have shifted to patronizing local businesses in order to help businesses rise up from the effects of the coronavirus pandemic.
The pandemic has badly affected SMBs across the globe, and Black-owned businesses are taking the brunt of the blow. Recent reports have shown that Black-owned SMBs have been shutting down two times faster than other SMBs. To combat the effects of the global pandemic on SMBs, Facebook has launched a new roster of initiatives geared towards helping out Black-owned businesses, and it also released an infographic advocating for consumers to patronize local SMBs, especially as the holiday season draws near.
This is the infographic Facebook released:
Implications for Marketers:
These trends and statistics can help marketers navigate how to help SMBs recover post-COVID. Facebook is advocating for consumers to patronize small businesses during this holiday season, so marketers can focus on the trends surrounding SMBs.