GoDaddy Venture Forward Report | Summer 2023 | U.S. Edition: Microbusiness Activity Index

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:

1. 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.
   
2. Participation Index
   The number and growth rate of both GoDaddy online microbusinesses in the area and the entrepreneurs who create them.
   
3. 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 sources
• Personal Services: Hair/nail salons, laundry/drycleaning, home cleaning services
• Business: Stand-alone businesses lacking other categories
• Software: Software developers and software development companies
• Pets: Pet care, pet supplies, pet sales
• Performer: Musicians, street performers, forhire entertainers
• Events: Conferences, seminars and parties
• Consulting Services: Microbusiness consultants of any industry
• Marketing: Services related to marketing

GoDaddy 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