November 30, 2019 marks the 10th anniversary of Small Business Saturday. According to the Small Business Administration’s 2018 Small Business Saturday Consumer Insights Survey, U.S. consumers reported spending a record high of $17.8 billion at small and independent retailers and restaurants. Additionally, some 70% of U.S. consumers also report awareness of the Small Business Saturday initiative.
With access to digital marketplaces, small businesses can capitalize – and turn an annual event into year-round triumph.
See how digital marketplaces help small businesses compete all year long:
1. Reaching consumers, no matter the distance.
According to a Deloitte study, 85% of all small and medium-sized businesses (SMBs) report that digital tools have helped them in some way – as well as report that they are three times more likely to experience customer growth than their less-digitized peers.
Digital marketplaces significantly expand small businesses’ access to customers, allowing them to extend far beyond their immediate reach and sell across the country and internationally.
2. Boosting revenue and jobs for a healthier economy.
More than 70% of all SMBs report revenue growth and attribute some of this growth to digital tools. With global e-commerce projected to approach $5 trillion by 2021, it’s no surprise that small businesses are flocking to digital marketplaces to sell products, boost revenue and expand their employee base.
Small business success on digital platforms signals benefits for the U.S. economy as a whole: in 2018, Etsy sellers alone added $2 billion in extra economic value.
3. Simplifying complex logistics.
Online marketplaces allow small businesses the opportunity to reach new customers and grow their revenue by handling logistics like order fulfillment, securing customer data, and payment. Small business owners save time and money by automating these processes on digital marketplaces – while being able to focus on creating quality products that keep customers happy.
While Small Business Saturday is a win for small businesses, it hints at a greater opportunity: an interested, willing audience that can be further activated through digital tools. With digital marketplaces at their hands, small businesses can turn a one-day celebration into a year-long reality.