Social Media Endorsements Can be Worth an Estimated $197 Bn for U.S. Small Businesses
This holiday season, American Express (NYSE: AXP) is kicking off its 11th annual Small Business Saturday with a social media campaign that can help amplify the positive impact that U.S. consumers can have on small businesses. According to the American Express Shop Small Impact study, released today, the majority of (78%) small business owners say that positive feedback on social media is a significant driver of business.
U.S. CONSUMERS: ENTHUSIASTIC TO SHOP SMALL
Fortunately, shoppers want to do their part to support small businesses this holiday season – 75% will Shop Small because they want to support their favorite local shops and restaurants during this challenging time, and 42% said they supported a small business on social media. The study also reveals that the effects of COVID-19 have sparked feelings of deep responsibility among consumers to support the places they love this Small Business Saturday and beyond.
SMALL BUSINESSES: OPTIMISTIC & INNOVATING
Almost all (92%) of small business owners have pivoted the way they do business to stay open during the pandemic including selling on social (38%) or a third-party platform (28%), introducing curbside pickup (46%) or contactless delivery (40%).
Now, as the biggest shopping season of the year approaches, 46% of small business owners are counting on above average holiday sales to stay in business in 2021. Sixty-four percent have a positive outlook for their holiday sales and say that Small Business Saturday is more critical than ever. As a result they are innovating by offering extended store hours (41%), using social media as a storefront for the first time (25%), partnering with other businesses in their community to offer something special to customers (25%) and offering giveaways to customers (35%).
BACKING SMALL BUSINESSES ALL-YEAR LONG
Recognizing the devastating effects of COVID-19 on small businesses, American Express has made several commitments to help small businesses:
- Committed more than $200M to jumpstart spending at small businesses through the company’s largest ever global Shop Small campaign.
- Created Stand for Small, a coalition of more than 100 large companies that provide tools, resources and advice to support small businesses.
- Launched the Coalition to Back Black Businesses, which includes a $10 million commitment in grants and mentorship for U.S. Black-owned small businesses.
- Pledged to double its spend with minority-owned suppliers in the U.S. to $750 million annually by the end of 2024.
- Committed to providing access to capital and financial education to at least 250,000 Black-owned small and medium-sized businesses in the U.S.
- Launched a small business Services and Savings Hub and delivered COVID-19 recovery kits to merchants with “open for business” signage and collateral for in-store safety.
You can find more information about these and other efforts here. Visit Shopsmall.com to learn more about how to help support small businesses this holiday season.
ABOUT SMALL BUSINESS SATURDAY
November 28th is the annual Small Business Saturday, proudly backed by American Express. Dedicated to supporting the diverse range of local businesses that create jobs, help boost the economy, and enhance neighborhoods around the country, Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: getting more customers.
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