Thanks to the widespread use of digital tools, Swedish small businesses fared better during the pandemic than small businesses in many other countries in Europe. This is shown by a comprehensive survey of more than 5,000 small businesses, of which 300 Swedish companies participated. The report, Digital Driven: Sweden, commissioned by the Connected Commerce Council (3C) in collaboration with Google and Greenberg, shows that for Swedish small businesses, there is a clear connection between early and committed use of digital tools and more customers, better revenue and more new hires during the pandemic.
While SMEs generally reported revenue losses, the survey shows that the Swedish companies that used digital tools the most performed 2.5 times better (losing 8% of revenue) during the pandemic, compared to less prepared, digitally uncertain2 companies, whose revenues fell by 20 percent.
The report shows that 48 percent of Swedish small businesses state that digital tools are crucial to their business model. Only 17 percent of small businesses in Sweden are digitally uncertain. Despite this, the report authors predict that it could generate up to SEK 90 billion in revenue and over 600,000 new work if all the uncertain companies were to also become digitally advanced.
The report is presented by the non-profit member organization 3C, which works to promote small business owners’ access to digital tools. Catalys Research has produced the report.
Some further conclusions from the report:
- 75 percent of Swedish companies felt comfortable with digital tools before the pandemic, compared to the European average of 61 percent.
- 57 percent of Swedish companies plan to use digital tools to an even greater extent after the pandemic.
Link to the report here in Swedish.