New EverCommerce Report Reveals Service-Based Small Businesses are Resilient
05 Dezembro 2023 - 10:00AM
EverCommerce Inc. (NASDAQ: EVCM), a leading service commerce
platform, today released the 2023 State of the Service Economy
Report, providing a look at the post-pandemic health outlook and
consumer demand trends for North American service-based small
businesses. The company’s first annual report, completed in
partnership with TSG (The Strawhecker Group), a globally recognized
analytics, intelligence, and solutions-focused firm in the payments
industry, surveyed SMB leaders in the United States and Canada,
mostly in the home improvement, professional services, and
healthcare fields.
Service businesses – companies that provide skilled labor or
expertise as opposed to more tangible products – represent a
massive number of businesses and jobs in the North American labor
force and generate billions in revenue each year. In the U.S.
alone, service businesses represent 77% of GDP, almost half of
which is represented by small and medium-sized businesses (SMBs),
and employ 50M people, per World Bank and Small Business and
Administration Management estimates. A cornerstone of the economy,
these businesses were hard hit by the pandemic. They also face
unique challenges when it comes to shifting consumer expectations
around technology, payments, and cost.
Data from the report revealed that service SMBs have rebounded
from harsh turbulence as the world recovers from a global pandemic
and are experiencing increases in demand even amid continued
economic uncertainty, disrupted consumer spending and market
volatility. As the service SMB sector continues to evolve,
businesses that focus on offering diverse payment methods will in
turn generate increased purchase volume, transactions and higher
customer satisfaction.
Key findings from the 2023 State of the Service Economy Report
include:
Service SMBs are resilient. A majority of
services businesses have largely recovered from disrupted consumer
spending and labor markets as evidenced by increases in demand for
services and 69% of businesses reporting moderate to healthy
recoveries from COVID-related anomalies.
Services businesses want a greater level of payment
integration than they currently have. Over a quarter (26%)
of service businesses had payments fully integrated into their
software and related workflows, while over half surveyed (57%) were
seeking to increase their level of integration.
Invoicing is essential to service businesses, but they
experience many challenges through this payment method.
Two-thirds of service merchants use invoicing to collect payments
and many are actively seeking advanced finance technology like
integrated invoicing to further bolster their payment processes as
they allow customers to easily navigate payment and store financial
information like preferred methods of payment. This enables timely
and full payments, especially during a time of numerous economic
pressures and inflation.
Despite challenging economic conditions, the services
industry is healthy and growing. The average increase in
demand from last year is 61% across the vertical segments of Field
Services, Home Improvement and Healthcare. Field services
businesses reported the largest increase at 83%. Service businesses
also report they are expecting to hire more staff, switch business
software solutions, seek additional capital, or develop a website
in the next year.
“Service-based small businesses are the backbone of our economy
and incredibly resilient, especially during periods of economic
turbulence,” said Matthew Feierstein, President at Evercommerce.
“When we look deeper at economic spending, we see that North
American consumers continue to spend on items outside of what we
consider essential, and they are looking to do so using digital
payment methods as long as the transaction size remains
reasonable.”
“Americans are relying on service-based small businesses more
than ever, even through moments of economic hardship,” said Gene
Marks, Columnist, Author, and President of The Marks Group P.C.
“With the United States moving toward economic stability, we can
expect SMBs to continue flourishing, expanding and to serve as a
go-to for those who need them most.”
To download the report visit
https://go.evercommerce.com/StateOfTheServiceEconomy2023.html
About EverCommerceEverCommerce (NASDAQ: EVCM)
is a leading service commerce platform, providing
vertically-tailored, integrated SaaS solutions that help more than
685,000 global service-based businesses accelerate growth,
streamline operations, and increase retention. Its modern digital
and mobile applications create predictable, informed, and
convenient experiences between customers and their service
professionals. With its EverPro, EverHealth, and EverWell brands
specializing in Home, Health, and Fitness & Wellness service
industries, EverCommerce provides end-to-end business management
software, embedded payment acceptance, marketing technology, and
customer experience applications. Learn more at
EverCommerce.com.
About The Strawhecker Group
The Strawhecker Group (TSG) is a globally recognized analytics
and consulting firm that supports the entire payments ecosystem,
serving over 1,000 clients from Fortune 500 leaders to more than a
dozen of the world's most valuable brands. Trusted by industry
leaders, TSG's strategic services, market intelligence, and
analytics merge to empower clients with actionable and accessible
information. Please visit www.TSGPayments.com.
Press Contacts:
EverCommerce:Jeanne TroganVP of Corporate
Communications512-705-1293press@evercommerce.com
TSG (The Strawhecker Group)Andy NussSenior Director of
Experience & Marketing+1
833-690-1301mediarelations@tsgpayments.com
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