Small business owners around the world are earning an additional income to reinvest in their local community and feel more financially secure when selling products on online marketplaces, according to a new eBay Global Marketplace Index (GMI).
The GMI identifies five empowerment dimensions – Lifestyle Impact, Financial Security, Financial Growth, Marketplace Tools and Business Environments – to quantify performance. Each dimension is equally weighed at 20 points for a maximum index score of 100 points.
There were 2,500 small business owners surveyed across the United States, Australia, United Kingdom, Germany and South Korea.
The U.S. ranked first with a GMI score of 88.4, followed by Australia with 84.3, then the UK with 83.4, Germany with 82.1 and coming in at fifth position was South Korea with 80.2.
With each country scoring above 80, this demonstrates that small businesses are empowered by selling through marketplaces with 85% suggesting that their online business gives them freedom or flexibility and 77% believe their online business gives them confidence or control.
Other survey findings include 69% of U.S. small business owners claim that their income has improved compared to before selling through marketplaces and over 50% say selling through marketplaces expands their customer reach.
eBay vice president – seller operations and engagement, Marni Levine said it is fantastic to see small business owners leverage online marketplaces to support financial and familial needs.
“Since the company’s early days, eBay has viewed ecommerce as a gateway to economic empowerment for entrepreneurs and small businesses by providing a pathway to reach new buyers online with little barrier to entry, regardless of size, background or geographic location.