More and more business owners are planning on enhancing early holiday shopping this Thanksgiving. In fact, some 34 percent of business owners surveyed by Chase indicate that they intend to put promotions in place on or prior to Thanksgiving Day.
The decision to bring on the holiday shopping season earlier was fueled, in part, by business owner optimism. The survey found that about 34 percent of business owners believe their businesses will do better in 2013 than they did in 2012. The younger the business owners, the greater the optimism. While 29 percent of business owners older than 44 years of age are feeling optimistic, that number jumps to about 50 percent in business owners who are between the ages of 18 and 44.
Business owners—about half, in all—say that they expect to see increased consumer demand in the 2013 holiday season. And, although Thanksgiving promotions are playing a part, ecommerce is a very strong draw, with 32 percent of small business owners expecting to see a jump in ecommerce sales this year. As a matter-of-fact, small business owners believe that about one-third of their holiday sales will occur, not in stores, but via the Internet.
Mobile sales will also probably see a jump—13 percent of the small business owners surveyed anticipate that their sales will be through mobile commerce. About one-third of the small business owners surveyed expect to see purchases through this sales path increase.
To meet anticipated demand, the survey revealed that about 47 percent of small businesses are increasing their inventory and their marketing; 22 percent will also be boosting their presence on social media.
“The holidays can be very stressful for small businesses owners who typically work longer hours and sacrifice time with family to end the year on a high note,” said Brent Reinhard, general manager of Ink from Chase. “We are inspired by the optimism shown by small business owners and Ink from Chase,” he added.
The small business owners surveyed say that it is their hard work that is leading to this holiday season’s success, including better marketing, according to 52 percent; broader product and services offerings, say 50 percent; and an increase in consumer demand, according to 49 percent.
The survey was commissioned by Ink from Chase, which is the financial giant’s portfolio of business cards. The survey was fielded by Braun Research and took place from October 28-November 4, 2013. In all, 507 small business owners with less than 100 employees, and at least two staff members, were surveyed. All of the businesses surveyed sell consumer goods.
Karol, Gabrielle. “Small Business Thinking Big for the Holidays“, Fox Business. November 14, 2013.
Chase Card Services; November 14, 2013; U.S. Small Businesses Take Cues from Major Retailers With Early Holiday Promotions.