- November 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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The Importance of Small Business Saturday for Local Businesses
The holiday shopping season is fast approaching, and local businesses are eagerly anticipating the surge in sales that accompanies Black Friday, Small Business Saturday, and Cyber Monday. Over the years, Small Business Saturday has proven to be particularly beneficial, encouraging local shoppers to support small businesses in their communities instead of flocking to big-box retailers or shopping online.
In 2010, American Express introduced Small Business Saturday, a day dedicated to promoting local shopping. The following year, the United States Small Business Association joined as a co-sponsor. This annual event takes place between Black Friday and Cyber Monday, giving businesses an opportunity to attract customers during the critical holiday shopping period.
After Small Business Saturday 2022, American Express reported that small businesses across the United States received an estimated $17.9 billion in revenue. Furthermore, 72% of customers expressed their intention to continue shopping at local small businesses throughout the holiday season. American Express has also partnered with social media platform TikTok to educate small business owners on leveraging the platform to promote their businesses and reach younger shoppers.
A New Strategy: Livestreaming and Online Sales
Aly Irvin, the owner of Plant Therapy in Logansport, has effectively utilized social media and online sales to enhance her business. While Irvin operates a physical shop space, she recognized the importance of offering customers alternative shopping options for greater accessibility and convenience. Through livestreaming on social media platforms and posting product photos online, Irvin has successfully sold plants and expanded her customer base.
Strategies like livestreaming and online sales bring a range of advantages. Not only do they enable customers who are unable to visit the physical store to make purchases, but they also offer parents more flexibility in terms of when they can shop. Additionally, online shopping provides a more private and discreet experience, making it easier for customers to buy gifts for others.
Irvin engages in livestreams where she showcases her plants, allowing viewers to comment if they want to buy a particular plant. She also posts pictures of plants on Facebook, enabling users to express their interest in purchasing specific items. Sales are conducted on a first-come, first-served basis, typically with a three-day window for customers to arrange payment and pickup.
Unsurprisingly, Irvin’s online sales strategy has yielded remarkable success. She plans to continue using these methods on Black Friday and Small Business Saturday, encouraging other businesses to explore similar approaches. By embracing online sales and utilizing social media platforms, businesses can reach larger audiences and increase their chances of attracting repeat customers.
The Power of Social Media in Reaching Shoppers
According to Forbes, Gen Z and Millennials comprise the largest demographic of social media shoppers. In an effort to emphasize the impact of shopping at small businesses, American Express stated that if every Gen Z and Millennial shopper spent $10 on Small Business Saturday, it would generate $2 billion in local economic activity across the United States. Additionally, $0.68 of every dollar spent at a small business remains in the local economy, fostering further local business activity through employee spending.
Supporting Small Businesses: The Nest’s Story
Nikki Reid, owner of The Nest, a small business that has been thriving for 49 years in Logansport, emphasizes her deep appreciation for customers and the community. Although she acknowledges the significance of Black Friday and Small Business Saturday in driving sales, Reid values customer service above all else.
While she utilizes Facebook to promote her business, she finds print media to be the most effective method of reaching the local community. For Reid, success lies in providing exceptional customer service and maintaining an inviting storefront by keeping the premises clean and attractive.
Another strategy Reid employs involves purchasing merchandise for the upcoming Christmas season as soon as the current one ends. This forward-thinking approach allows her business, The Nest, to remain ahead of trends and anticipate customer preferences.
Looking Ahead: The Impact of Inflation and Rising Prices
The National Retail Federation reported a record-breaking number of shoppers during the Thanksgiving to Cyber Monday period in 2022, with 196.7 million Americans making purchases both in person and online. Small Business Saturday saw 63.4 million shoppers, with 77% specifically focused on supporting small businesses.
As the holiday shopping season approaches, it remains uncertain how shoppers will respond to the challenges posed by rising prices and inflation in 2023. However, similar issues were prevalent in 2022, and the holiday shopping season still witnessed a 5.3% increase in sales, amounting to $936.3 billion, according to the National Retail Federation.
How AI legalese decoder Can Assist Small Businesses
Amidst the holiday shopping season, small businesses face numerous challenges, including deciphering complex legal language and regulations. This is where the AI legalese decoder can prove invaluable.
The AI legalese decoder utilizes advanced artificial intelligence algorithms to simplify complex legal jargon into clear and understandable language. By using this tool, small businesses can navigate legal documents, contracts, and regulations with ease, saving both time and money.
For small business owners participating in Small Business Saturday, the AI legalese decoder can provide guidance on legal requirements, consumer protection laws, and business obligations. By ensuring compliance with legal frameworks, small businesses can operate confidently and avoid potential legal pitfalls.
Furthermore, the AI legalese decoder enables small businesses to understand and negotiate contracts effectively. It breaks down convoluted contract terms, preventing businesses from falling prey to unfavorable clauses or conditions.
In summary, the AI legalese decoder is a powerful tool that empowers small businesses, allowing them to overcome legal challenges and make informed decisions. By promoting accessibility and simplifying legal complexities, this AI-powered solution supports small businesses in maximizing their potential during the holiday shopping season and beyond.
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