2021 E-Insights Report
COVID-19 Impact on Small Business Revenue
Small business revenue statistics track the seven-day moving average small business revenue for a small business located in a city of the MSA relative to January 2020. Researchers calculated the percentage change of daily revenue over the days with respect to January. They tracked the small business revenue over 11 months for 18 cities including Tampa. They were unable to gather data for Orlando.
They gathered the data for this through Opportunity Insights Economic Tracker. The information for small business revenue comes from Womply.com, a software suite which is used by 10 million American businesses across all 50 states. Womply.com has point-of-sale systems and software through which consumers pay businesses that allowed researchers to estimate the overall revenue generated per day on an average.
The data was available at the city level, with city defined by Womply.com as all the businesses that are physically located in and around the city with the city address on the business store. Researchers filtered the cities belonging to comparison MSAs and plotted the graphs.
Over time, it is easy to see a decrease in business revenue, which fell very sharply from March 15 through May 1. In most cities, revenues began to rise from the dip in May but have not reached the levels in January. Numbers in most cities have not come back up to zero, indicating that the relative revenue is still at least 10 percent lower than pre-pandemic levels seen in January.
The major limitation with this data is that the sample only represents businesses which use the Womply.com software suite. Nonetheless, researchers believe this to be an accurate representation of the trend of revenue generated across all businesses.
- San Antonio has made the slowest recovery. It recovered to only 43 percent of that in January by the end of November.
- All cities experienced a downfall in small business revenue in the second week of February and recovery in the first week of May.
- For the city of Tampa, small business revenue dropped to almost half of that in January by the end of May. It has recovered to 80 percent by the end of September.
- Miami was worse hit than Tampa with small business revenue dropping to 40 percent of that in January by the end of May.
- The city of Charlotte was the most impacted and the best recovered city in the comparison group. The small business revenue dropped to 35 percent and has recovered to 90 percent of that in January by September.