Report Highlights Small Business Strategies for the Holidays
The recently released Amex Trendex: Small Business Edition – Holiday Report offers insights into the current state and strategies of U.S. small businesses during the holiday season. The report highlights that 66% of small businesses view the holiday season as crucial for their financial health, particularly in the retail sector where 89% emphasize its importance. Customer acquisition is a significant focus, with 50% of respondents prioritizing it over increasing sales. Gen Z and Millennial-led businesses are utilizing social media for seasonal hiring (42%) and marketing efforts (76%) targeting Millennial and Gen Z customers. Notably, 25% of all surveyed businesses plan to incorporate artificial intelligence (AI) during the season, rising to 50% for Gen Z and 36% for Millennial owners, signaling a clear trend of small businesses embracing modern technologies to enhance holiday performance, with a 7% increase in AI prioritization since July, particularly among larger small businesses and those owned by younger generations.
Source: ASBN
Black Friday Breaks Records with $9.8 Billion in Online Spending
E-commerce spending on Black Friday surged by 7.5% compared to the previous year, hitting a record $9.8 billion in the U.S., as reported by Adobe Analytics. This increase reflects a strategic consumer base actively seeking the best deals, especially online. The shift towards mobile shopping played a role, with $5.3 billion in online sales originating from mobile devices. Despite a willingness to spend, shoppers remain price-sensitive due to last year’s record inflation and interest rates, with $79 million in sales utilizing ‘Buy Now, Pay Later’ options. The best-selling categories included electronics, toys, and gaming, with consumer choices driven by the allure of the best discounts. Brick-and-mortar sales rose just over 1%, emphasizing the changing paradigm of the in-store Black Friday experience. Retailers, anticipating deal-hunting behavior, have increased discounting levels and introduced promotional strategies. Overall holiday season growth may taper off as discounts lessen.
Source: CNBC
Gran Coramino Tequila Launches Fund For Black and Latinx Entrepreneurs
Gran Coramino Tequila, founded by actor and entrepreneur Kevin Hart and tequila maker Juan Domingo Beckmann, has launched The Coramino Fund, a giveback initiative aimed at supporting Black and Latinx entrepreneurs across the U.S. and Mexico. The program, in partnership with Local Initiatives Support Corporation (LISC), offers learning opportunities and $10,000 grants to qualifying businesses. For each bottle of Gran Coramino Tequila sold, the initiative donates $1 to aid small business owners and entrepreneurs of color. The application period for eligible U.S. companies closes on December 5, 2023, and the program’s next phase in Jalisco, Mexico, is set to commence in early 2024. In its inaugural year, The Coramino Fund received over 20,000 applications, resulting in 50 entrepreneurs being awarded grants to support their business growth. LISC, a prominent community development organization, collaborates with local partners to foster resilient and thriving communities, working towards reducing systemic inequities.
Source: ASBN
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