What the Holidays Mean for SMB’s

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Top Takeaways:

The holidays are upon us! What does it mean for SMB’s – and businesses of all sizes? That was the main focus of the interview.

UPS commissioned research to find out what really matters to both small to medium business owners and their customers. Here’s some good news, some challenges, and some opportunities.

• Almost two-thirds of SMB’s are going to make up to 20% of their sales during the holiday season.
• Two-thirds of customers will spend at least $100 on SMB’s during the holiday season.
• 80% of businesses that were surveyed said that they are worried about inflation. Whether it is on the cost of production or their price point.
• SMB’s are 26% more worried about the delays, damage, and theft of the shipments than labor shortage.
• Over 40% of SMB’s say that they see an increase in porch piracy during the holidays.
• 44% of consumers said that the lack of a strong problem resolution on a stolen or damaged goodwill cause them not to shop with an SMB again.
• 35% of consumers said that it’s a huge motivator for them to spend more with retailers who will guarantee the replacement of lost or damaged items.

Quotes:

“44% of consumers said that the lack of a strong problem resolution on a stolen or damaged goods will cause them not to shop with an SMB again.”

“35% of consumers said that it is a huge motivator for them to spend more with retailers who will guarantee the replacement of lost or damaged items”

“SMB’s are 26% more worried about the delays, damage, and theft of the shipments than labor shortage.”

About:

Kiel Harkness, Head of Global Marketing and Business Intelligence at UPS Capital®. He led the Digital Transformation of UPS Capital US Domestic Go-to-Market. Supported rebranding of core digital offering and proposition. He manages and directs global UPS Capital Digital Marketing and Digital Properties, Channel Marketing, Business Intelligence, Product Development, Communications and Advertising, and International Field Marketing teams.

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio.

This episode of Amazing Business Radio with Shep Hyken answers the following questions … and more:

1. Are the holidays good for SMB’s?
2. How can SMB’s compete with giant brands?
3. What are the challenges that SMB’s need to face this holiday season?
4. What are porch pirates?
5. How can SMB’s prevent delays and loss in the shipment?