(BPT) - For many small businesses, the holiday season is crucial to hitting their yearly financial goals - and for some, it's make or break. Small business owners project 33% of their total yearly revenue from seasonal shopping this year, and 61% say holiday revenue is a key factor to the success of their business. The good news? Ninety-three percent of consumers are planning to shop small this season, according to the QuickBooks Holiday Shopping Report 2024.
Holiday shopping is in high gear. Still, there a number of things small businesses can do to maximize their sales through the end of the season, including these three tips:
Be ready for peak shopping days to capture last-minute shoppers
Being prepared this holiday season will be critical - starting with ensuring you're ready for the days when consumers plan to shop most. Two in three consumers plan to shop on Black Friday (November 29) and Cyber Monday (December 2) and more than a third (34%) plan to shop on Small Business Saturday (November 30), according to the report, based on a recent survey of U.S. consumers and small business owners commissioned by Intuit QuickBooks. Overall, consumers expect to do nearly 40% of their holiday shopping on these days.
To get ahead of the inevitable rush, small businesses should have a connected inventory management system to track everything in one place, such as QuickBooks Commerce, offer flexible shopping and shipping experiences for customers, and increase marketing efforts that remind consumers of their unique products and offerings.
A seamless checkout experience is also crucial to making a sale, so small businesses should implement an integrated payments solution like QuickBooks Payments, allowing their customers to choose the way they'd like to pay via online invoicing, mobile payment apps, and in-person card readers.
Deals, deals, deals
Given tough competition from big-box retailers and decreasing consumer spending due to rising costs and inflation, it's increasingly important for small businesses to offer competitive prices and holiday deals to attract customers. The report found that over two-thirds (64%) of consumers are prioritizing shopping at stores that offer low prices and deals, while a little more than half are looking for coupons and promotions to save money.
"Consumers are faced with tough financial constraints, and are increasingly looking for flexibility and convenience in how they shop and interact with businesses, as well as deals and offers to offset costs," said Joseph Black, Director of Product Management, Accounting and Commerce, Intuit QuickBooks.
Equally as important is how to market those deals, coupons and promotions to customers. The survey found 54% of respondents prefer targeted emails as their top choice for learning about deals, followed by in-store promotions (40%) and direct mail (33%).
With the help of marketing platforms like Mailchimp, small businesses can turn their marketing data into personalized messaging, using the most effective channels to reach customers with the right discount at the right time.
Leverage digital tools
Digital tools help small businesses compete during the holidays (and any season). They can level the playing field between small and bigger businesses because they increase efficiency, helping to streamline operations and complete crucial tasks to keep their business running smoothly. Digital tools help easily track sales and inventory, manage payments and invoicing, and keep cash flow in check leading up to this season's key shopping days.
The report found the best workplace systems to help small businesses glide through the holidays include project management software, customer relationships management (CRM) tools, and invoicing and payment tracking software, among others. These digital tools can help make workflow, sales, inventory and staffing seamless and efficient - the proverbial well-oiled machine - during the holiday shopping season to meet the increased demand.
For more information, tools and tips small businesses can use to have a very happy holiday season, visit the QuickBooks Success in Every Season hub.