Small Business Saturday, which lands on Nov. 28 this year, will be especially important due to the impact of the coronavirus, so as we plan our holiday shopping we need to make sure that we remember our small businesses.
Small businesses make up over 99 percent of American businesses, nearly 50 percent of our jobs, and businesses with less than 500 employees account for over 40 percent of America’s economic activity. Additionally, a greater percentage of the money spent at small businesses stays within the community compared to big businesses.
When you spend money with small businesses you’re not just supporting a local business, you’re strengthening your community. Yet between March 1 and July 25, roughly 80,000 small businesses went out of business.
Over the holidays, it is easy to turn to major retailers for holiday shopping needs, but this year, America’s small businesses need help more than ever. Small Business Saturday, the day after Black Friday, can be a much needed economic boost for America’s small businesses.
One of the easiest ways to help learn about small businesses in your community is to visit American Express’s “Shop Small” website, which lets you know about the small businesses in your area. American Express launched Small Business Saturday in 2010 to draw attention to small businesses. As Black Friday became increasingly important, customers began focusing more and more on big businesses over the holidays, and small businesses suffered.
Additionally, using a Buy Now, Pay Later (BNPL) option when shopping at a small business can also give them a much needed economic boost. Customers may be more willing to spend more per purchase when using this option because they can break up their payments over a series of weeks. With ViaBill — a buy now, pay later payment processor — shoppers can break up the total cost of a purchase over a period of time with no interest. This method also helps the businesses because they receive the purchasing cost up front. So not only are customers able to afford more products, businesses receive a boost in revenue too. BNPL is a win-win for both parties and will be a valuable resource this holiday season.
Learn more about the e-commerce shops offering ViaBill.
Small Business Saturday in 2020 will be especially crucial for independent businesses, so we all need to try to support our local businesses this holiday season.