Not only did 2020 bring about a new decade, but it also brought about unprecedented times across the globe. COVID-19 has affected every part of life – from how we shop to how we do business.
For the B2B industry, the pandemic has hit especially hard. Many Middle-Market enterprises turned to B2B eCommerce to not only stay afloat, but to find success.
The National Center for the Middle Market recently published a survey and report on “COVID-19 and the Middle Market,” which explores the state of middle-market businesses today. 25% of middle-market business leaders say this pandemic will have catastrophic consequences on their business, 78% predict growth decline, and 64% predict employment downsizing.
Middle Market businesses are facing three main problems rooted in the effects of the COVID-19 pandemic:
- Supply chain disruptions,
- Recovering from lost sales, and
- Preserving performance with reduced workforce capital.