Sandwiched between Black Friday and Cyber Monday, Small Business Saturday was started by American Express in 2010 to raise awareness about the impact of supporting small businesses. This year, 85% of consumers plan to shop small during the holiday season, representing a multibillion dollar opportunity. Small Business Saturday aims to highlight small businesses during a time dominated by big retailers offering steep discounts, giving these smaller companies visibility and support.
Small businesses are defined by factors like revenue, size, and number of employees, with varying standards depending on the industry. Supporting small businesses is important as they are the backbone of the economy, enriching communities and creating jobs.
Experts recommend supporting small businesses year-round by sharing positive reviews online, interacting with them on social media, and seeking out small businesses on larger e-commerce sites. Large retailers are also making efforts to support small businesses by carrying products from minority-owned brands.
The pandemic forced many small businesses to adapt by focusing on e-commerce and social media, ultimately becoming more omnichannel to reach customers across different platforms. Consumer sentiment towards small businesses is positive during the winter holidays, but it is important for support to continue throughout the year for small businesses to thrive. Small Business Saturday serves as an annual reminder of the importance of supporting small businesses.
Photo credit
www.nbcnews.com
