Promotions Will Be Key Driver Of Shopping
Small Business Trends reported that a survey conducted by Prosper Insights and Analytics on behalf of the National Retail Federation found that a record 46.1 percent of holiday shopping this year will be conducted online, compared to the previous high of 44.4 percent last year. The study found that 37.9 percent of those surveyed said they will use their smartphones while shopping, and 34.5 percent of those who own a tablet will make a purchase using that device. The article asserted that, “for small businesses, this can be a great way to bring people in to your doors.” The survey highlighted comments from NRF president and chief executive Matthew Shay: “Despite the challenges that still exist in our economy, it looks as if consumers are eager to celebrate the holidays with friends and family this year.” He added, “We continue to see positive momentum in retail sales growth, giving us reason to believe consumers will show up this holiday season as they look to take advantage of all of retailers’ promotional offerings.” The survey found that, “Of those who plan to shop online, 46.5 percent say they will take advantage of retailers’ buy online pick up in store or ship-to-store options,” adding that “free shipping seems to be the most anticipated promotion however.” The survey also found that “Millennial online shoppers are most likely to take advantage of the instant gratification option when it comes to shipping and fulfillment” as “16.7 percent of 18- to 24-year-olds and 15.9 percent of 25- to 34-year-olds will use a same-day delivery option when buying gifts, décor and other holiday items, compared to just 7.8 percent of the rest of the population.”
What This Means For Small Business
As Small Business Trends commented, small business owners can attract customers through their online catalogues. Additionally, the importance of promotional offerings may provide insight into how small businesses can attract customers and compete with larger rivals.
Additional Reading
NFIB has previously offered tips for small businesses to engage with customers to boost holiday shopping.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
