While 2021 is coming to a close and the pandemic is still very much a reality, women entrepreneurs are getting back to business, and embracing ecommerce like never before.
How do we know this? In the Fall, we teamed up with Squarespace to amplify a shared mission of providing women entrepreneurs with the tools they need to go to market, sell their products and services, and grow successful businesses online.
In December, we launched the IFundWomen x Squarespace Women-Owned Small Business Insights Report, which presents valuable trends amongst women-owned businesses that demonstrate the value of selling online for women entrepreneurs. Here’s a closer look at the key learnings and insights about women entrepreneurs surfaced through this report:
1. The number of women entrepreneurs selling online since the start of the pandemic has grown significantly.
Digital enablement has become a priority for many small business owners, so it comes as no surprise that the number of women entrepreneurs who are selling both products and services online has grown significantly since the outbreak of COVID-19 in March 2020.
- 81% of those who did not sell online before COVID-19 are now selling online or are planning to do so.
- Among respondents, the number of women entrepreneurs who sell online now vs. who were selling online before the pandemic has increased by 36%, going from 44% before the pandemic to 60% now.
2. Being more environmentally conscious and community driven is important to entrepreneurs, both for their business and as consumers.
This holiday season, women small business owners have been committed to making a more positive social, economical, and environmental impact—both as consumers and entrepreneurs.
- 71% of women entrepreneurs agree that they are most likely to buy from another woman-owned business, and 50% are encouraging customers to give back to women-owned businesses like theirs.
- 63% are prioritizing making their business more environmentally sustainable through the holidays.
3. The most popular drivers of inspiration for respondents are from personal experiences and the experiences of other entrepreneurs.
Additionally, among the entrepreneurs surveyed most do not regret starting a business.
- 70% of respondents derive inspiration to run their own businesses by hearing the experiences of other entrepreneurs, followed by 67% who are inspired by their own experiences.
- 98% of respondents consider their business to be their passion.
4. Women founders continue to strive for balance between their work as entrepreneurs and their relationships outside of their businesses.
Women small business owners surveyed have expressed their desire to maintain their personal relationships and to keep their businesses afloat simultaneously, with respondents choosing to balance their time amongst both, albeit a challenge.
- Only 8% of respondents were willing to give up their personal relationships for one year in exchange for keeping their business open.
- 53% do not plan to take time away from their business during the holiday season to spend more time with loved ones.
There are over 12 million WOBs in the United States and over 1,800 new businesses started by women each day. With over 2.4 million women leaving their 9-5s, we can count on the number of women entrepreneurs to continue to rise, thrive, and adapt ecommerce into their business model in order to keep growing and having a positive impact on their local communities.
Check out the full report to learn valuable insights that demonstrate the state of women-owned businesses and ecommerce trends, the goals and areas of inspiration amongst women entrepreneurs, what women founders are prioritizing for their businesses during the holiday season, and some general consumer trends.
Read the full report