Time with loved ones and turkey feasts aren’t the only things we have to look forward to this November. It’s also a big shopping event. And it seems like every year the holiday shopping frenzy creeps one week earlier. While we’re all familiar with big shopping blockbusters like Black Friday and Cyber Monday, and even Singles’ Day, there’s yet another shopping holiday that doesn’t get as much love as the other three.
We’re talking about Small Business Saturday!
Although it might not be quite on the same level as BFCM, research shows there’s been increasing interest in the Saturday shopping spectacle between Black Friday and Cyber Monday. Before we jump right into the facts and statistics around Small Business Saturday, let’s start at the very beginning.
What is Small Business Saturday?
Although Small Business Saturday originally emerged as a way for small, local brick and mortar stores to compete with big box retailers, it quickly evolved into a big opportunity for digital businesses to compete with ecommerce giants.
This year Small Business Saturday falls on November 24th, 2018.
The premise is very simple, customers focus on patronizing small and local businesses to support their community. It’s a win-win situation for all parties involved; shoppers get the products they love, and local businesses benefit from the increased sales revenue from the transactions.
Why should I worry about the little guys?
Small Business Saturday presents a unique opportunity for shoppers to make a significant impact. Patrons can shop knowing that their dollars are going towards supporting small and local businesses -like mom and pop stores or the local startups in their community.
If philanthropy isn’t a compelling enough reason for you, here are some additional statistics from the Small Business Administration that may help to sway your mind:
- Small businesses have generated over 65% of net new jobs since 1995.
- Small businesses account for 99.7% of all businesses in the US.
- Of the $100 spent at a local business, roughly $68 in local economic return is ultimately generated after additional spending cycles–compared to $43 for national and franchise businesses.
3 Tips to Help You Take Advantage of Small Business Saturday
Is your business ready to take on the Small Business Saturday opportunity? Don’t worry, there’s still time! Here are three tips to help you succeed this year.
#1 Align your business with the goal of Small Business Saturday.
The underlying principle behind the shop small movement is to support the local businesses that serve as the backbone of our economy and local communities. Be sure to be transparent and clearly communicate the impact your customers’ dollars can make on the local community.
#2 Advertise on social channels.
Don’t shy away from social channels to promote your business before and during the day of Small Business Saturday. Give your posts a lift in impressions by tagging your social posts with SBS specific hashtags like #ShopSmall & #SmallBizSat.
#3 Think beyond the holiday.
SBS presents a huge opportunity to grow your customer base and ensure revenue flow the rest of the year. Incentivize your customers to revisit your online store with discount codes or offer product suggestions based on your customer’s purchases during Small Business Saturday.
With some of the busiest shopping days around the corner, your digital business needs to be ready for the increased traffic and sales on your ecommerce site. To make sure you’re maximizing your revenue potential, make sure your business has a streamline checkout process or find a good partner, like FastSpring to support you this shopping season.