SMBs Prepared for an Earlier Holiday Season
It’s not only the major retailers like Walmart and Best Buy whose holiday campaigns are starting earlier this year, because a new Ink from Chase report reveals that 34 percent of small business owners are planning promotions beginning on or before Thanksgiving Day.
According to the study, which reached more than 500 small business owners, 47 percent of respondents are preparing for the holiday season by increasing inventory or marketing, while 22 percent plan to enhance their social media presence. The study also found that small business owners are optimistic, with 34 percent believing that their business will perform better this holiday season than last year. This success is being attributed to better marketing by 52 percent of respondents, expanded products and services by 50 percent of respondents and increased consumer demand by 49 percent.
To help them succeed this holiday season, small businesses have planned for and adapted customer preferences to shop online and pay with mobile devices. In fact, the survey respondents anticipate that around 30 percent of holiday sales will be through e-commerce, while 27 percent of respondents anticipate an increase in mobile commerce.
“The holidays can be very stressful for small businesses owners who typically work longer hours and sacrifice time with family to end the year on a high note,” says Brent Reinhard, general manager of Ink from Chase. “We are inspired by the optimism shown by small business owners and Ink from Chase will continue to focus on delivering resources tailored to the financial needs of small businesses so they can continue to grow their business this holiday season and into 2014.”