2016 Small Business Saturday May Break Sales Records From Past Years
With another Forbes reports that the annual day, started by American Express as a way to promote small businesses, generated $5.7 billion across the US in 2013, according to NFIB data. Since 2014, there have been more than 1.6 million new small businesses added to the one-day shopping event. For 2016, American Express will join with NBA star Shaq for the Shop Small campaign, which encourages American Express “card holders to spend with small businesses and earn double rewards in return.” Gifts And Decorative Accessories noted that in 2016, 95 million American consumers took part in Small Business Saturday, and 2016 it’s estimated sales may reach “more than $16 billion.”
Business 2 Community reported that NFIB data shows that in 2015, restaurants and independent retailers saw $16.2 billion in spending during Small Business Saturday, a 14% increase from the $14.3 billion in sales during Small Business Saturday 2014. The article recommends steps that small businesses can take to be prepared for Small Business Saturday 2016, including reminding customers of the upcoming shopping event when they come into stores, as well as updating any websites and online social media sites with details about the upcoming event. There are specific hashtags like #SamllBizSat and #ShopSmall that small business owners can use on Facebook, Instagram, and Twitter to promote Small Business Saturday. Additionally, small businesses are encouraged to provide potential customers with extra shopping incentives to drive traffic during the event.
What This Means For Small Businesses
Small business owners rely on holiday sales to drive revenue for much of the year. Small Business Saturday is a way for small businesses to connect with consumers in their communities and to remind them of the importance of small businesses as they begin shopping for the holiday season.
The Carlisle (PA) Sentinel also covered the upcoming Small Business Saturday shopping event.
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.