With nearly 20% of retail revenue and nearly 26% of all e-commerce revenue generated during the holiday shopping season, a lot is at stake for small businesses during this time of year.
Small Business Saturday is fast approaching, and the small business segment has a lot of anxiety heading into the holiday season. The last several years have not been easy and a survey by American Express shows that "78% say holiday sales will impact their ability to keep their doors open in 2022."
But, it's not all bad for the small business segment. Kabbage released its Small Business Recovery Report in September, which tracks the recovery trends and growth outlook of U.S. small businesses. The latest report shows that the businesses surveyed have nearly doubled revenue year-over-year between July 2021 and July 2022. But, with the good news comes more frustration. Even though revenue has doubled, profits have remained flat amidst economic hurdles.
When it comes to Small Business Saturday, Small businesses are looking for stability and growth as they head into 2023. According to American Express, U.S. shoppers spent over $20 billion on Small Business Saturday in 2021. This year, as inflation remains and the ever-increasing rumblings of a possible recession looms, supporting small businesses now can mean securing the local workforce for tomorrow. Small businesses account for 44% of U.S. economic activity and they employ over 100 million people, which is about half of the US workforce. and 67 cents of every dollar spent in a small business stays in the local community.
Supporting Small Businesses for Small Business Saturday and throughout the holidays can be simple and include such things as leaving positive online reviews or post your experience on social media platforms that you utilize. You can spread the word about your experience with a local business with your own network of friends, colleagues, and business networks. Upcoming holiday parties are also a great opportunity to support local businesses. Whether that is for catering a family get-together, or an office party, order directly from the business and avoid third-party apps which can take a significant cut from the business’s revenue.
About Small Business Saturday
First observed in the United States on November 27, 2010, Small Business Saturday is a counterpart to Black Friday and Cyber Monday, which feature big-box retail and e-commerce stores respectively. By contrast, Small Business Saturday encourages holiday shoppers to patronize brick-and-mortar businesses that are small and local. Small Business Saturday is a registered trademark of American Express. Since 2011, Small Business Saturday has been cosponsored by the SBA (Small Business Association).
Small Business Saturday has become an important part of small businesses’ busiest shopping season. This year, Saturday, November 26, 2022, is Small Business Saturday – a day to celebrate and support small businesses and all they do for their communities.