If you’re wondering about what is ahead for your small business, you’re not alone. With the sudden outbreak of Coronavirus Delta variant and subsequently CDC updated guidelines on the need for wearing masks in public indoor places, many small business owners are feeling less confident about the economy. But a few industries are getting good growth despite the challenges put forth by the pandemic.
According to the latest Alibaba B2B Pulse report, five industries that include commercial service equipment, sports & entertainment, toys & hobbies, construction & real estate, and minerals & metallurgy have registered averaging 73% growth in daily demand in July 2021 vs. July 2020.
Alibaba B2B Pulse Report
Alibaba, being one of the World’s largest B2B marketplaces, can offer unique insights into what is happening in the B2B world.
The B2B Pulse report is a monthly update that highlights:
- Key developments in the SMB landscape in the US
- Proprietary insights into US B2B demand felt on Alibaba’s global B2B marketplace
Considering these two critical data points, small biz owners can make informed business decisions to succeed.
The July 2021 B2B Pulse report states that among the five high growth categories, commercial service equipment and sports & entertainment saw the most growth year-on-year 141% and 65% respectively.
Here are more details about industry-wise growth in these two categories:
Now, schools and offices are reopening. Consequently, there is a growing demand for office and school supplies, resulting in a 4% increase in June-July 2021.
However, with increasing COVID-19 cases due to the delta variant, the growth in these categories may slow down in the coming days.
The report states,
On July 27, 2021, the CDC updated guidance on the COVID-19 Delta variant and offered their recommendation to wear masks inside — even for vaccinated individuals, and we predict that we see lower trading volumes in these areas in next month’s report.
What is Happening in the US SMB Landscape?
Alibaba B2B Pulse July 2021 report mentioned these key observations about US SMBs:
- SMBs are feeling less confident in the economy in July
- About half of the SMBs are finding it difficult to hire qualified workers
- Container costs skyrocketed year-on-year
- International supply chain disruption has increased in July
- Increasing input and supply costs are creating pressure to increase prices
The Way Forward
As a small business owner who wants to succeed, you should find out ways to address the challenges pointed out by the report. Adopting creative strategies to attract top talents, making a plan ahead to tackle any supply chain eventuality, and implementing state-of-the-art tech tools to cut costs are some ways to do it.
Small business growth expert Ramon Ray says,
This is the time when you should revisit your marketing strategies. Focus on your audience to build a loyal relationship, invest in your brand, and amp up hiring strategies. Also, the pandemic has taught us that we should find ways to minimize supply chain interruptions. We cannot solely depend on one vendor or supplier anymore.
Small businesses showed perseverance last year. Despite many challenges, most small businesses owners are overall positive about 2021. Slowly, the economy is improving, and most sectors are likely to grow.
Click here to know more about the Alibaba B2B Pulse report.
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Source: Smart Hustle
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