Small Businesses Anticipate Busy Holiday Season - Other News

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Credit Card Applications » News » Other » Small Businesses Anticipate Busy Holiday Season

Small Businesses Anticipate Busy Holiday Season

Small Businesses Anticipate Busy Holiday Season
November
26
The content is accurate at the time of publication and is subject to change.

Small businesses owners are optimistic about the holiday shopping outlook this year, according to a survey by Chase Ink.

Just over 500 small businesses with 2 to 99 employees were polled in October. Forty percent of the owners said they think business will be better during this year’s holiday season compared to last year. Sixty-one percent said increased consumer demand would lead to higher sales, and 43% said that online sales, e-commerce, and mobile sales would contribute to increased holiday business. Last year, only 27% were looking toward online, mobile, and e-commerce to benefit their bottom line.

Other key findings of the survey showed that businesses weren’t just looking to established customers for sales, but expected to get new customers during the season. Fifty-two percent of those surveyed said that up to 20% of their business was likely to come from new customers. Forty-five percent attributed their own improved marketing efforts to the expected uptick in business, compared with 31% last year.

Retailers are prepared for the holidays

When asked if they feel better prepared for this holiday season than they have in previous years, 64% said they did. Thirty-six percent of them were planning to begin promoting holiday deals on or before Thanksgiving.

Social media is a playing a bigger role in small business marketing this year. Nearly half of small businesses planned to use social media to reach out to prospective customers. Last year only 29% said they would be active on social media to promote holiday sales.

More small business owners also planned to take advantage of the big shopping days surrounding Thanksgiving – Black Friday and Cyber Monday – than last year. Thirty-one percent were planning promotions for those days, up from 24% in 2013.

Small businesses have an edge

Compared with big box stores, small businesses are often able to give more personal attention to their customers, and 62% of those surveyed said they felt this gives them an edge over the competition. Fulfilling special orders or requests was the key to gaining the advantage over larger retailers.

Other advantages include the ability to reach out personally to customers and to create custom shopping options. Fifty-eight percent said that getting in touch with customers one-on-one was a benefit, and 49% indicated that they offer individualized shopping experiences to set themselves apart from larger retailers.

“It’s encouraging to see that U.S. small business owners continue to maintain a positive outlook about their business and future growth opportunities,” said Laura Miller, president of Ink, Chase’s line of small business credit cards.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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