FOSTER CITY, Calif.—Despite the sobering economic climate over COVID, optimism is high in regard to holiday shopping that can benefit small business. In fact, a recent poll by VISA indicates 86% of American shoppers are planning to buy gifts from small and medium-sized businesses (SBM).
The possible influx of interest for holiday shopping has encouraged small businesses to pivot with 60% already saying they are taking steps to accommodate shoppers, reported Small Business Trends.
Some 69% of small businesses in the U.S. see the winter holiday season is a top sales opportunity for their company. Only a small fraction, around one in eight (14%), of American small businesses, claim they are not prepared to take on the holiday season influx of sales.
The Findings
Other study findings:
- 60% of U.S. shoppers plan to do half or more of their shopping at local retailers this holiday season
- 32% of Americans plan to do their shopping online compared to the global trend of 26%
- 24% of U.S. businesses plan to extend their business hours to meet the demands of shoppers
- 20% of American businesses are in the process of digitizing their businesses
- 20% of SMBs plan to expand their physical space to accommodate the holiday shopping season
Digital Gift Cards
“Furthermore, shoppers are planning to buy digital gifts for the winter holidays. They also plan to give more digital gift cards (33%) compared to previous years,” Small Business Trends said. “At the business end, a large majority (82%) of small businesses are optimistic about the future of their business. Of which over a quarter (28%) say they are ‘extremely optimistic.’ However, U.S. businesses estimate it will take about seven months before their businesses are back to full operation.”