According To the National Retail Federation, consumers plan to spend an average of $935.58 during the holiday shopping season! While big box stores are banking that those will almost certainly be spent in their stores, small businesses should be preparing to welcome the circulation of those dollars into their communities as well.
Shoppers are not only looking to buy gifts and food for their family and friends, they also plan to spend nearly $150.00 on themselves.
The fact is, your small business offers goods and services that people want to make their season joyous, so make sure that you’ve covered all the bases by using our Small Business Holiday Checklist to help guide your strategy!
Meeting the needs of consumers during this busy shopping season has a lot to do with how you prepare for the large crowds, long lines, online reviews, payment methods and so much more.
Some of that preparation includes stocking up on inventory, training staff to take EMV payments, hiring extra personnel for busier times and updating your website and distribution lists, so that everyone knows about your promotions and Small Business Saturday partnerships! Keep in mind that American Express, the Small Business Saturday creators, rewards consumers who use their American Express cards on the holiday.
Here are a few promising stats to get you excited about a stellar sales season:
- 87 percent of consumers could be convinced to spend an extra $25 this holiday season if tempted by a good sale or promotion, the perfect gift for themselves or others or free shipping.
- 95 million people went out to shop small on Small Business Saturday 2015.
- Total spending among U.S. consumers who were aware of Small Business Saturday reached $16.2 billion, an increase of 14 percent from $14.3 billion in 2014.
Cheers to happy holidays and happy sales!