Small Businesses Turn to Digital Tools this Holiday Season
November 14 2022 - 9:30AM
Small and midsize businesses are looking for guidance and investing
in new technologies to help them overcome challenges such as supply
chain and inflation as the holidays approach, according to
Verizon’s third annual State of Small Business Survey.
“The need for small and midsize businesses to accelerate with
the right technology tools has never been greater,” Aparna
Khurjekar, CRO of Business Markets and SaaS, Verizon Business.
“These findings are in line with what we are hearing from our
customers every day. They are seeing the value of technology to
drive revenue, improve operational efficiencies and scale their
businesses to drive holiday sales success.”
Key survey findings:
- A digital-first holiday
season: Technology is playing an important role in the
ongoing success of many small and midsize business decision makers,
with 36% saying most of their sales during the 2021 holiday season
were digital and a similar proportion (34%) this year stating
they’re preparing for a digital-first holiday season.
- Supply chain issues can dampen holiday sales:
Overall, the survey shows 44% of small and midsize business
decision makers believe supply chain issues could dampen holiday
sales. Those working in retail are most worried about economic
issues, while supply chain issues dominate concerns among
restaurant and bar owners.
- Technology driving the future of customer
experiences: Overall, 61% say they’ve implemented digital
tools and technologies over the past two years to change their
processes and improve customer experiences.
- Economic concerns persist: Almost 2 in 5
respondents (38%) are worried about properly pricing goods/services
to keep up with inflation, and one in three (35%) are worried about
economic hardships and inflation impacting their sales.
- Education and access to
information: Education and access to information is
important, with more than 2 in 5 saying their business could
benefit from outside guidance about how to succeed this holiday
season (43%).
Assisting Small Businesses with Learning Resources and
Financial Assistance
Beyond their technology and services, Verizon provides valuable
assistance for small businesses to help them strategize and
navigate business critical moments. This includes access to Verizon
Small Business Digital Ready, a free, comprehensive online
curriculum focused on helping small businesses with digital
transformation. The portal was created with and for small
businesses, with a specific focus on helping diverse and
under-resourced business owners. It offers personalized learning
through 30+ courses, mentorship, peer networking, 1:1 expert
coaching and incentives. Small businesses can sign up at
www.verizon.com/smallbusinessdigitalready. This initiative is part
of Verizon’s goal to support 1M small businesses by 2030 with the
resources to thrive in the digital economy as part of its
responsible business plan, Citizen Verizon.
Additionally, to help small businesses in Southwest Florida
recover amid Hurricane Ian, Verizon recently announced a $250,000
donation to Collaboratory, a local non-profit community solving
organization in Southwest Florida, and Florida TaxWatch, a
non-profit organization that promotes economic development across
the state.
Small Business Days Nov 10-23
Verizon is also bringing back Small Business Days now through
November 23rd, with special offers for small and midsize
businesses, as well as a complimentary tech evaluation by a Verizon
Business expert to identify technical solutions to grow your
business.
The Verizon Business State of Small Business survey was
conducted by Morning Consult between August 12-19, 2022 among a
national sample of 609 small to midsize business owners and
decision makers through online interviews.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on
June 30, 2000 and is one of the world’s leading providers of
technology and communications services. Headquartered in New York
City and with a presence around the world, Verizon generated
revenues of $133.6 billion in 2021. The company offers data, video
and voice services and solutions on its award-winning networks and
platforms, delivering on customers’ demand for mobility, reliable
network connectivity, security and control.
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Media contact: Claudia
RussoClaudia.russo@verizon.com
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