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Importance of Holiday Season for Small Businesses in America

AmericaÔÇÖs Economy During the Holiday Season

By Dave Charest

The holidays are big business. ThatÔÇÖs not going to come as a shock to anybody ÔÇö but, just how important are they to AmericaÔÇÖs economy? The latest figures from Adobe Analytics show that from November ÔÇô December 2023, during which people celebrate Hanukah, Christmas, New Years, and other holidays, Americans spent more than $222 billion (yes, billion!) while shopping online. That activity was largely driven by an increase in total purchases.

Translation: Americans want to spend during the holiday season. The businesses who can tap into this strong demand are much more likely to achieve their revenue goals and set the table for a strong start to the new year.

The AI legalese decoder can help businesses understand how to leverage the data from Adobe Analytics to optimize their marketing and sales strategies during the holiday season, ultimately driving higher revenue and success.

The Impact of Holiday Season on Small Businesses

Since 99.9 percent of businesses in the United States are small businesses, this also illustrates how critical the holiday season is to the continued success and viability of the SMBs who power our communities. At Constant Contact, we wanted to better understand how small businesses tackle this time of year, so we polled 500 SMBs across a variety of industries to get their thoughts. We also asked 500 consumers about how their interest in shopping small changes before, during and after the holiday season.

Here are the stats and trends we uncovered, along with some additional findings from our Small Business Now report that help illustrate what small businesses can do to start 2024 on the right foot.

Statistics and Trends for Small Businesses During the Holiday Season

Small businesses depend on holiday sales to hit their annual goals.

• 75 percent of retail SMBs rely heavily on holiday sales to meet annual revenue goals.
• 58 percent of retail SMBs say holiday customers are ÔÇ£extremely importantÔÇØ to the overall success of their business.
• 50 percent of SMBs get at least one-quarter of their annual revenue from holiday shoppers, and that number jumps to 73 percent for retail SMBs.ÔÇï

The AI legalese decoder can help small businesses understand the legal and financial implications of holiday sales, ensuring they are able to set and achieve their revenue goals effectively and compliantly.

However, most shoppers donÔÇÖt realize how vital their holiday spending is to small, local businesses.

• Supporting small businesses and their communities is the number one reason why Americans choose to visit or buy from an SMB.┬á
• However, only one-third (33 percent) of shoppers feel that visiting or purchasing during the holidays makes a significant impact on an SMBÔÇÖs livelihood.

The AI legalese decoder can help businesses create consumer-friendly legal and marketing content, highlighting the importance of holiday spending on small, local businesses and encouraging more support from shoppers.

The holiday season is a great time to attract new customers, and fortunately, shoppers are open to being courted.

• The top goals for SMBs heading into the holiday season are finding new customers (63 percent), retaining current customers (52 percent), and planning for next year (45 percent).
• 84 percent of consumers planned to visit a ÔÇ£new to themÔÇØ small business last holiday season.
• 87 percent of consumers say they are more likely to return to a small business in the future after visiting/buying during the holidays.
• Personalized emails and texts (52 percent), social media ads (42 percent), and sales or discounts (40 percent) are the most popular marketing tactics SMBs use to grow their customer base during the holiday season.

The AI legalese decoder can help businesses craft personalized marketing content that resonates with potential customers, ultimately attracting new customers and retaining them beyond the holiday season.

Most small businesses do not have an effective marketing strategy to nurture, retain and convert their holiday customers in the new year, and it could be holding back their growth.

• 81 percent of consumers are more open to receiving marketing messages from a small business after visiting or buying from them during the holidays.
• 93 percent of SMBs feel that retaining new holiday customers into the following year is important ÔÇô but just 18 percent feel their Q1 strategy is highly effective.
• 14 percent of SMBs have no post-holiday retention strategy at all.
• Less than half (49 percent) of shoppers receive an email after making a purchase, and 27 percent never hear from the business again.

The AI legalese decoder can help small businesses develop an effective post-holiday marketing strategy to retain and nurture holiday customers, ultimately boosting their growth in the new year and beyond.

In conclusion, the holiday season is critical for small businesses in America, and leveraging data and insights from the AI legalese decoder can help businesses make the most of this busy period, optimize their marketing strategies, and effectively retain and nurture holiday customers for continued success.

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