This week on ASBN Small Business News, anchor Shyann Malone shares the latest tools and resources available today for small businesses.
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Small businesses continue to rank the holiday season as an important time of the year in American Express' latest trends report. In a survey of entrepreneurs across all industries, 66% said a profitable holiday season is critical to a brand's overall financial health, and that number rose to 89% in retail. Increased sales are one of the benefits of the holiday season, but customer acquisition is also recognized as a top priority for 50% of small business owners. Consumer spending during Cyber Monday this year reached an all-time high, exceeding the 2022 total by 9.6%. read more
New data from the Freedom Economy Index shows that many small business workers across the country may not receive a holiday bonus this year. Among companies that traditionally gave employees year-end checks, 42% said they would no longer be able to afford to hand out bonuses in 2023, and an additional 28% said they would be forced to limit the number of recipients. did. Most executives attribute these changes to inflation, which rose steadily throughout 2023 despite efforts by the Federal Reserve to lower prices. read more
As the holiday season rapidly approaches, major shipping and delivery companies have announced deadlines for Christmas, Hanukkah, and Kwanzaa. FedEx won't be offering next-day delivery this Christmas Eve, so if businesses want to get their packages delivered before Christmas, they'll need to use FedEx same-day delivery on Friday, Dec. 22. For UPS customers, the deadline switches to December 21st. The U.S. Postal Service recommends shipping orders between December 16 and 20, depending on the shipping speed customers choose. Since Kwanzaa occurs the day after Christmas, consumers can rely on the same shipping date, but those celebrating Hanukkah should order as soon as possible. read more
In a survey of 2,000 entrepreneurs and customers published by GoDaddy, consumers and small business owners shared different opinions about online shopping. 91% of small business owners are confident that their company's website is a convenient way to purchase products, but only 21% of buyers are satisfied with their e-commerce experience. did. Survey respondents cited features such as contactless digital payments and free shipping as important to their shopping experience, but many small businesses are still unable to accommodate these preferences. GoDaddy is encouraging small businesses to embrace new technology in their digital retail operations and pay close attention to consumer needs in 2024. read more
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