This week, on ASBN Small Business News, anchor Shyann Malone brings you up to speed on the latest tools and resources now available for small to medium-sized businesses.
Top Stories
Small businesses continued to rank the holidays as a crucial time of year in American Express’ latest trends report. In a survey of entrepreneurs, 66% said that a lucrative holiday season was essential to their brand’s overall financial health across all industries, with the number rising to 89% in the retail sector. While higher sales are one benefit of the holidays, customer acquisition was also labeled as a top priority for 50% of small business owners. Consumer spending reached an all-time during this year’s Cyber Monday, beating out 2022’s total by 9.6%. Read More
Many small business employees across the U.S. may go without holiday bonuses this year, according to new data from the Freedom Economy Index. Among companies that have traditionally awarded employees with a late-year check, 42% said they could no longer afford to distribute any bonuses in 2023, while another 28% said they would be forced to limit the number of recipients. Most business owners attributed these shifts to inflation, which has risen steadily throughout 2023 despite the Federal Reserve’s efforts to lower prices. Read More
As the holiday season quickly approaches, major shipping and delivery companies have revealed their deadlines for Christmas, Hanukkah and Kwanzaa. FedEx does not plan to offer overnight delivery on Christmas Eve this year, meaning businesses will need to send FedEx SameDay on Friday, December 22, if they want their package to arrive before Christmas. For UPS customers, the deadline switches to December 21. The U.S. Postal Service recommends that customers ship their orders on dates ranging from December 16 to 20, depending on the speed of shipping they choose. Since Kwanzaa takes place the day after Christmas, consumers can rely on the same shipping dates, however, those celebrating Hanukkah will need to place their orders as early as possible. Read More
Consumers and small business owners shared differing opinions of online shopping in a survey of 2,000 entrepreneurs and customers published by GoDaddy. While 91% of small business owners felt confident that their websites provided a convenient way to purchase products, merely 21% of buyers were satisfied with their eCommerce experiences. Survey respondents listed features such as contactless digital payments and free shipping as important to their shopping experience, but many smaller companies have yet to accommodate these preferences. For 2024, GoDaddy urges small businesses to incorporate new technologies into their digital retail operations and pay closer attention to their consumers’ needs. Read More
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