American shoppers spent nearly $11 billion online on Black Friday, and Cyber Monday is set to hit even higher numbers, generating greater than $13 billion in sales.
However, overall consumer holiday spending is expected to see a sharp decline this yr – down 34%, representing a decline of $85 billion, based on analyst data. QuickBooks Holiday Shopping Reportwhich involved 5,500 consumers and 2,000 small business owners across the United States
The report also revealed that the overwhelming majority of consumers (93%) plan to buy small to some extent during the holiday season, meaning small businesses alone will spend greater than $76 billion.
Says Joseph Black, director of product management, accounting and commerce at Intuit QuickBooks Entrepreneur that the desire to support small businesses is “consistent” as 47% of consumers say they need to contribute to their communities and support local businesses, and 52% consider they can find more unique, high-quality gifts by shopping small.
While many shoppers have already taken advantage of Small Business Saturday (November 30), Black Friday (November 29) and Cyber Monday (December 2), almost 30% plan to buy on Christmas Eve or one other day during the season, as agreed.
This means there are still a lot of sales to capture. Of course, small businesses must stand out to attain this.
According to Black, small business owners should make sure they are using the right digital and marketing tools, including those who help manage inventory and customize campaigns.
“AI-powered tools can also help streamline day-to-day operations and optimize sales potential, so small businesses can stay on top of their finances, especially during the holiday season when money flows in and out extremely quickly,” says Black.
Additionally, Black suggests small business owners tap into the emotional drive behind people’s desire to buy small.
Adding personalized touches to purchases, corresponding to free gift wrapping or handwritten thank-you notes, “can help set small businesses apart from larger competitors and even encourage shoppers to shop with them beyond the holiday season,” explains Black.