72% of consumers plan to shop at SMBs this holiday season

Exceeding all expectations, consumers turned out in record numbers for this year’s Black Friday weekend, the traditional start to the holiday shopping season in the United States. The five-day weekend, from Thanksgiving to Cyber ​​Monday, saw more than 200 million shoppers in the US, surpassing last year’s record of nearly 197 million. Also, while physical retail sales were up 1.5% year-over-year, the real star of the weekend was e-commerce, which reached a record $38 billion over the five-day period, up 7.8% year-over-year.

Small business shopping resonated strongly with consumers, who reported spending about $17 billion on Small Business Saturday this year. The day, which falls between Black Friday and Cyber ​​Monday, encourages shopping specifically by small and independent retailers and restaurants in the interest of helping them achieve financial confidence. According to American Express’ 2023 Saturday Consumer Survey, 59% of US consumers who were aware of the day shopped or ate at a small retailer or restaurant on Small Business Saturday 2023.

B2B and Digital Payments Tracker®“, cooperation with American Expressexplores how digital payments technology is proving essential to embracing the season for SMBs as both e-commerce and “retail shopping” gain momentum among consumers this year.

Around the B2B and digital payments space

A new study of consumer shopping trends in the fourth quarter of 2023 finds that consumer interest in shopping small items for the holidays is on the rise. According to the survey, the share of consumers looking to use small and local businesses as much as possible for their holiday shopping has doubled this year, rising to 20% from 10% a year ago.

However, other consumer surveys peg the popularity of local and small businesses at even higher rates. According to a recent YouGov survey, nearly three-quarters of consumers said they plan to shop at small businesses online or in person over the holidays, up from 65% last year.

For more on these and other stories, visit Tracker’s News & Trends section.

Seize the Season: How SMBs Can Use Payments Technology to Thrive All Year Round

It’s the most wonderful time of the year, but it’s also the most crucial for small businesses. The growth of holiday shopping this year presents a significant opportunity for SMBs to gain ground, but above all, the digital boom this season makes an online presence critical for small businesses. To get the inside POV, PYMNTS Intelligence spoke with Christina Wagner, SVP of Strategy and Transformation at Worldpay from FIS, to learn how small businesses can implement unified shopping through omnicommerce to position themselves for success.

How small businesses can drive big growth this season—and beyond

Amid economic uncertainty, this year’s holiday shopping season is off to a triumphant start, and a combination of factors is signaling big potential gains for small businesses. At the intersection of two growing trends – online shopping and retail shopping – lies a digital payments opportunity for SMBs that is too important to miss. To learn more about how small businesses can unlock this treasure trove by adopting and leveraging new payment technologies, read Tracker’s PYMNTS Intelligence.

About the tracker

B2B and Digital Payments Tracker®“, cooperation with American Expressexplores how digital payments technology is proving essential to embracing the season for SMBs as both e-commerce and “retail shopping” gain momentum among consumers this year.

Leave a Comment

Your email address will not be published. Required fields are marked *