Business 2 min read By Bethany Hadley
Holiday shoppers plan to spend more at small businesses
A new survey finds consumers are turning toward small businesses this holiday season, and an economist says owners should focus on a few key areas to capture that spending.
Shoppers are planning to spend more with small businesses this holiday season, according to a new survey, a shift that gives independent owners a chance to win over customers during the busiest period of the retail year. An economist advising owners says that many are overlooking one key priority that could help them make the most of the trend.
The survey points to a growing preference among consumers for local and independent sellers at a time when the holiday period typically drives a large share of annual sales for smaller firms. Owners who want to convert that intent into actual purchases, the economist suggests, should concentrate on a small number of areas rather than spreading limited time and budgets across every channel.
The priority most often neglected, the economist argues, is the one that determines whether a shopper who arrives out of curiosity becomes a repeat buyer. Owners who focus on the customer relationship during the holidays, rather than only on promotions, are better placed to keep that spending going once the season ends.
The broader pattern fits a wider picture of how consumers are weighing where to spend. Shoppers increasingly look beyond the lowest headline price and consider service, trust and the local economy, factors that often favour smaller businesses that can offer personal attention and a clear sense of what they stand for.
For small firms, the message is that the holiday season offers more than a single peak of sales. Used well, it can build the loyal customer base that carries a business through the quieter months that follow, which is where many independent owners find their margins are most at risk.
Source: inc.com
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