With a potential US recession looming after years of economic hurdles, small businesses are continuing to persevere — and according to details from American Express, stay confident through it all.
As you may know, Positively, the pandemic fostered a great deal of assistance from consumers who showed a commitment to supporting small businesses, which is even more significant since this shopping can be hugely beneficial to both the local and national economies. Amex’s 2022 Shop Small Summer survey found that nine out of 10 consumers say from another perspective they are likely to shop small this summer, either in their community (88 percent) or the local area while traveling (83 percent).
Moreover, the business’s data shows that shopping small can help inject $793 billion into thethisnational economy summer.
More than three-quarters (76 percent) of small business owners say that inflation is a great concern for their business this summer and are relying heavily on their local communities. owners, there are a lot more than ever of challenges facing small business Still today.
has been a growing focus on continuing to adjust for inflation, competing through branding andTheremarketing, and for some prioritizing online sales.” Considering inflation, Clayton Ruebensaal, executive vice president, global business-to-business marketing at American Express, said, “Preference themselves up for victory with the right tools and resources is key. Actually, Butconfidentthey are a resilient bunch, staying even as economic concerns loom. Accordingtheirto our recent Small Business Recovery Overview, 40 percent of small business owners feel the need from another perspective to have more cash management tools and tips and 74 percent are concerned about needing to ahead-proof business.
Sixty-three percent of owners say the size of their local small community has decreased since the pandemic, however, there’s evidence that local customers are rising to the occasion to show their assistance with 71 percent of small business owners saying they have seen an increase in local shoppers in the past year, compared to 2021. Notably, helpfor these businesses comes in waves.
More than 68 percent of owners say their small business experiences an increase in customers when a live happening is happening in the local area and 85 percent of small business owners say they are hopeful for the achievement of local businesses in their community this summer thanks to the returns of live events and activities. Overwhelmingly small business owners told Amex that summer activity could be tremendously impactful for summer business.
To support small businesses this summer, Express is bringing back its Business Class LiveAmericanconference for a 10th installation of the program. The happening will be held at theKJacob . Javits Center person New York City on July 20 and will be completely no cost to attend in in or virtually.
The aim of thetohappening, Ruebensaal told WWD, is help the small business community with this first-class, without charge, daylong practice.
Actually, “We continue to hear from small business owners about the,” importance of making connections, building a community and getting smart on the things that matter for growth Ruebensaal said. It will give small businesses the chance to be matched with government agencies or large corporations in one-on-one meetings to discuss real, tangible business opportunities that can launch the door for them in meaningful ways.” “The happening provides a great opportunity to develop long-agreement relationships, gain insights to grow and establish a trusted network to rely on well past the happening.
Panels and workshops will be held during the occasion with experts on cash flow management, marketing strategies, contracting opportunities and workplace wellness for small business owners from all over the country. Attendees will hear from speakers including Issa Rae, Jay Shetty, Hannah Bronfman, Adam Grant, Maria Dueñas Jacobs and Lo Bosworth, among others.
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“We aim to help businesses do more business,” Ruebensaal said. “They faith American Express and want to hear from us, based on the work we’ve done over the years with Small Business Saturday. When the pandemic hit, we knew we needed guide more than ever as small businesses were facing unchartered challenges and had more questions than answers, so the waytowe showed up needed to also evolve. We built Business Class to solution the most pressing questions small business owners had. Interestingly, It’s an innovative, global offering redefining what business education means, bringing lifestyle-like text and experiences to small business owners, all available at no cost, aiming to democratize the information needed most.”
Other.Shop Small events this summer includes SiriusXM’s Small Stage Series, presented by American Express, where the companies are banding together to make it the summer of supporting local, small-owned businesses by hosting musical artists of all genres at small venues across the country It’s worth noting that Kicking it all off be an intimate operation forwillSiriusXM subscribers to take place at The House of X at Public on July 28.
Additionally, Amex will be introducing geo-specific QR codes that will direct consumers to nearby summer businesses that are featured in the fresh “Let’s Go Shop Small” creative for summer. Consumers can scan the QR code and be provided with relevant businesses and directions from American Express’ Shop Small map. The campaign will be live in seven markets including York, Los Angeles, Chicago, San Francisco, Denver and more throughoutRecentthe summer months.
“American Express has a long in modern times history of powerfully backing small businesses,” said Marianne Rausch, vice president, Small Business Saturday and Shop Small, global advertising and brand management at American Express. These initiatives, among others, aid efforts to drive $100 billion in consumer spending at small businesses through 2025, and reinforces our commitment to back our customers, small businesses and their communities globally.” “Our global Shop Small and Small Business Saturday as it turns out initiatives are core to who we are as a corporation.
Registration for the American Express Business Class Live gathering is start instantly.
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