Small Business Saturday, though a rarely thought about event for consumers, is big in the lives of small businesses across the United States. It’s a time for them to put their best foot forward; a time when they don’t have to worry about competing with the big guys.
However, some local business people say that small businesses shouldn’t even try to compete with, what The Gazette call, “Black Friday juggernauts.” But, small businesses have what big-box retailers do not: The loyalty and support of local shoppers.
So the question remains: Is there even a competition between Black Friday and Small Business Saturday? What sets them apart from each other? Let’s look at some statistics.
Black Friday, November 27
- 7 million people shopped Black Friday weekend in 2014
- An average of $380 was spent during 2014 Black Friday weekend
- 55% of Americans shopped on Black Friday 2014
- In the last 10 years, 2012 saw the highest dollar amount spent on Black Friday at $59.1 Billion
- This year, some of the top big-box stores for consumers to shop at are: JCPenny, Kohls, Groupon, Macy’s, Kmart and Stage.
Small Business Saturday, November 28
- There are more than 20 million small businesses in the country
- 88 million consumers shopped at small businesses on Small Business Saturday in 2014
- $14.3 billion was spent on Small Business Saturday in 2014, increasing $300,000 from the previous year. (Black Friday 2014 decreased from the previous year by about $6 billion)
- In 2011, American Express saw a 23% increase in transactions made at small businesses.
- 2015 projections show that spending is likely to hit $14.5 billion
Small Business Saturday does have some catching up to do, in terms of dollars spent. However, both shopping ‘holidays’ are important to American consumers. And here at Direct Capital, we want to see our small business customers (and small businesses everywhere) thrive this holiday season. So here are a few tips to get you through:
- Make sure you are fully stocked and ready to go: Chances are, you’ve set your sales up and have your Small Business Saturday team in place. But sales only go so far as the products on your shelves. If you need to access more cash quickly to do some last-minute inventory shopping, look to lenders like Direct Capital for a small business loan. You don’t want to wait until your shelves are empty to consider having a backlog of product!
- Utilize your website: Online shopping traffic is growing across the board, but especially on the weekend after Thanksgiving. Consumers will be searching online for the best deals, so it’s important to make sure your offers are front and center. Hyping things up on social media wouldn’t hurt either.
- Push gift certificate sales: As you probably know, about $45 of every $100 spent at small businesses stays in the local economy. This year, really push your customers to purchase gift certificates for their friends and family. By doing so, you are opening your doors to potential new customers and are given the opportunity to make those new customers life-long ones.
- Rally your neighborhood: Remember they are your biggest supporters. The local people who shop all year round are the ones who will be proud to shop at your business during the holidays, instead of making the trip to a big-box retailer. Rally around them, and have them bring along a friend.
The biggest shopping weekend of the year is coming – and coming fast. We hope these few tips and quick facts will help make it successful for your business. And, of course, happy holidays!
For more information on Direct Capital and how we can help your business this holiday season (and beyond), click on the banner below or give us a call at 866-777-0117.