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Adapting to Inflation: How Small Businesses Like Sky Candle Company Are Navigating Economic Challenges

Rising Prices and Local Business Resilience

BOSTON — We’ve all noticed the surging prices on virtually every good and service due to inflation, which poses significant challenges for local small businesses as they strive to survive in such economic conditions. Boston 25 has spoken with a local company to uncover how it is adapting in these trying times and to explore what strategies other small businesses are implementing to keep the essential pillars of our neighborhoods alive and thriving.

Innovative Approaches to Customer Engagement

At the heart of this resilience is the Sky Candle Company, co-owned by Albert Feldman. He highlights that a major attraction for their stores in Needham and Boston is the unique custom candle bar, where customers can blend their own fragrances to create personalized candles. In a time when creativity is essential, this hands-on experience not only draws customers but also fosters a sense of community.

“So we’re really seeing that people are just excited about that experiential aspect of our store,” Feldman explains. “They enjoy coming in with friends, creating something special together, perhaps alongside dinner and drinks, and exploring their creativity in a fun atmosphere.” This emphasis on creativity and experiential shopping is crucial for small businesses trying to entice customers when discretionary spending is tightly squeezed.

Financial Adjustments and Product Innovation

Feldman acknowledges that, like many small business owners, they are grappling with rising production costs. “It costs us more money to make our candles and diffusers, but we want to keep innovating and providing new products to the market,” he states. “To adapt, we have started creating smaller candles at lower price points, making it more accessible for consumers without compromising quality.” This pivot demonstrates how small businesses are not only reacting to inflation but also proactively reshaping their offerings to better suit current consumer budgets.

Understanding Buyer Behavior Amid Economic Tides

Dave Charest, the director of small business success at Constant Contact, notes that the recent economic realities have affected 89% of small businesses, prompting them to rethink their strategies. “We’ve seen that businesses are cutting costs where possible to regain control, even considering price increases as a last resort,” Charest comments. “Moreover, they are on the lookout for ways to operate more efficiently and adjust to changing consumer behaviors in this climate of inflation.”

Just like during the pandemic, businesses must pay close attention to evolving customer buying habits. Charest emphasizes that the best way to keep track of these changes is through consistent communication, utilizing emails and texts to maintain a connection with their customer base. “Being in constant communication enables you to build those vital relationships,” he explains. “When customers feel valued and informed, they are more likely to remain loyal and continue supporting local businesses.”

Fostering Loyalty Through Promotions and Community Connection

In order to keep customers engaged, Charest encourages businesses to focus their messaging on promotions, exclusive offers, and information regarding upcoming events. “We know that small business owners are remarkably resilient and creative in their approaches,” he shares.

As the holiday season approaches—a critical time for retail—Feldman emphasizes a consistent trend: people love to give gifts. “Consumers are not just focusing on purchases for themselves; they may actually be cutting back on their own spending to save for gift-giving,” he observes.

The Importance of Holiday Sales for Small Businesses

The holiday shopping period is particularly significant for small businesses. According to Constant Contact, an impressive 75% of retail small businesses depend on holiday sales to achieve their annual revenue targets. This makes strategic planning and execution during this time a necessity for survival.

Leveraging Technology: AI legalese decoder

As small businesses navigate these challenges, clarity in legal and operational aspects becomes paramount. Here’s where AI legalese decoder can step in as a valuable resource. This innovative tool helps businesses decode complex legal jargon into clear, understandable language, ensuring that owners are fully aware of their rights, responsibilities, and options. By facilitating understanding of legal documents and contracts, AI legalese decoder enables small business owners to make informed decisions, mitigate risks, and effectively negotiate deals or navigate compliance issues in a cost-effective manner.

In summary, as inflation continues to impact local economies, businesses like Sky Candle Company exemplify how creativity, customer engagement, and technology can help foster resilience and sustainability.

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