GoDaddy Venture Forward Report | Summer 2023 | U.S. Edition: Microbusiness Activity Index
GoDaddy's Venture Forward research initiative released the Microbusiness Activity Index (MAI) report for Q2 2023. The MAI scores by county show higher scores in urban areas compared to rural and suburban areas. In terms of e-commerce, Media and Personal Services experienced the highest growth in online revenue, while Events and Weddings saw a decline. The report aims to provide insights into the impact of online microbusinesses on local economies.
Positive
Higher MAI scores in urban areas
Media and Personal Services saw significant growth in online revenue
Negative
Events and Weddings experienced a decline in online revenue
09/26/2023 - 10:10 AM
NORTHAMPTON, MA / ACCESSWIRE / September 26, 2023 / GoDaddy
As originally published by GoDaddy's Venture Forward research initiative
Microbusiness Activity Index
GoDaddy Venture Forward and UCLA Anderson Forecast economists developed a way to capture microbusiness activity since 2019 via the Microbusiness Activity Index ("MAI"), which is comprised of three sub-indices:
Infrastructure Index Measures how ready for microbusiness entrepreneurship an area is, as indicated by the level of physical infrastructure (internet) and intellectual capital available in the area. Participation Index The number and growth rate of both GoDaddy online microbusinesses in the area and the entrepreneurs who create them. Engagement Index A combination of 7 measures of activity, such as economic footprint and website traffic levels.The latest 2023 report is available to download from here .
Snapshot of Q2 2023: MAI Scores by County
Avg. Rural < 100 ppl./square mile
MAI Score: 101 Infrastructure: 102 Participation: 100 Engagement: 101 Avg. Suburban 100 - 500 ppl./square mile
MAI Score: 106 Infrastructure: 110 Participation: 101 Engagement: 101 Avg. Urban > 500 ppl./square mile
MAI Score: 110 Infrastructure: 116 Participation: 104 Engagement: 100 Source: GoDaddy/UCLA Anderson Forecast MAI Update, Q2 2023
A DEEPER DIVE
Year-over-year trends offer insight into which industries gain and lose popularity for e-commerce, measured here by the change in online sales.
When comparing April-June of 2023 to 2022, we observed a dip in spending in the Events and Weddings categories. Looking at the same time period change, Media and Personal Services were the top gainers, growing over five times, while sales associated with Pets almost tripled!
Which Industries Saw the greatest change in online revenue growth?
Year-Over-Year Average Revenue Change by Industry (Q2 2022 - Q2 2023)
Top 5 Industries (by % ) Gain
Media: 463% Personal Services: 415% Business: 197% Software: 197% Pets: 194% Bottom 5 Industries (by % Loss )
Performer: -77% Events: -50% Consulting: -50% Marketing: -45% Wedding: -41% Industry Glossary as Self-Reported by Website Owner
Media: Journalists, independent media, and information sourcesPersonal Services: Hair/nail salons, laundry/drycleaning, home cleaning servicesBusiness: Stand-alone businesses lacking other categoriesSoftware: Software developers and software development companiesPets: Pet care, pet supplies, pet salesPerformer: Musicians, street performers, forhire entertainersEvents: Conferences, seminars and partiesConsulting Services: Microbusiness consultants of any industry Marketing: Services related to marketingGoDaddy Venture Forward Report | Summer 2023 | U.S. Edition
This report is powered by the latest data from Venture Forward , a GoDaddy research initiative to quantify the presence and impact of over 21 million online microbusinesses on their local economies, while shining a light on the entrepreneurs behind them. Our goal is to empower anyone who advocates for entrepreneurs with robust data and insights that can't be found elsewhere.
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SOURCE: GoDaddy
View source version on accesswire.com: https://www.accesswire.com/787423/godaddy-venture-forward-report-summer-2023-us-edition-microbusiness-activity-index
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Industry
Computer Systems Design Services
Sector
Professional, Scientific, and Technical Services
Tags
Technology Services, Internet Software/Services, Professional, Scientific, and Technical Services, Computer Systems Design Services
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