Between Cyber Monday and Black FridayAnother notable shopping occasion is Small Business Saturday, which is traditionally one of the largest and busiest retail days of the year. little Business Saturday was founded by American Express in 2010 and has been co-sponsored by the US Small Business Administration (SBA) since 2011. Its goal is to raise awareness of the influence that consumers have when they make little purchases throughout the year, whether they shop online or in physical locations.
According to the 2024 American Express purchase Small Impact Study, 85% of customers indicate they plan to purchase modestly this year during the holidays. That is a multibillion dollar opportunity and an 11-point gain over the previous ten years.According to American Express, during 2023’s Small Business Saturday, shoppers spent $17 billion.
We talked to professionals about how your purchases affect small businesses and what resources you can utilize to help them. Additionally, we compiled a list of NBC Select employees’ top picks from tiny companies we adore.
GO Ahead and SkipWhat is a small business? | Which small businesses are our favorites? | How can we help small businesses all year long? | Why should I trust NBC Select?
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What is Small Business Saturday?
Small Enterprises Every year, Saturday falls on the Saturday following Thanksgiving. It falls between Black Friday and Cyber Monday, a time when big-box stores offer huge discounts. Due to their lack of visibility to customers, small businesses are unable to compete with the doorbuster sales that big shops provide around Thanksgiving and the accompanying extensive advertising. According to American Express, more than half of small business owners (56%) claim that it is even harder for them to compete with larger enterprises during the holiday season than it is at other times of the year.
Small Enterprises However, Saturday highlights small companies during the Christmas season, which coincides with a spike in buying activity and is one of the most crucial times for sales, according to Jessica Ling, senior vice president of global brand promotion at American Express. This is particularly true during times of economic uncertainty, such as the pandemic and high inflation rates.
What is a small business?
Ling claims that small companies are the backbone of the economy, enhancing neighborhoods and generating jobs nationwide, making them the heartbeat of our communities. Although they are typically assessed based on two aspects, experts informed us that there are no clear-cut, straightforward criteria to define a small business: financial data, such as total sales and income, and size, which refers to the number of workers that a business employs. In order to help businesses decide if their company is small enough to be eligible for some government programs and compete for contracts reserved for them, the SBA has established size guidelines. According to the SBA, these size limits vary by industry and are often based on the number of employees or the firm’s yearly revenue.
Some large merchants and other organizations use their own rules to make it easier to recognize small enterprises. For instance, Amazon utilizes Gartner’s definition of small business, which comprises companies with less than 100 employees and yearly sales under $50 million, and has a consolidated small business storefront on its website. (Gartner is a consultancy and research organization.) A small business must meet specific standards, such as taking American Express cards and having an annual American Express charge volume of no more than $5 million, in order to be listed on the American Express Shop Small Map.
However, for consumers, defining a small firm is frequently more about emotion than numbers. Consumers establish personal connections with small firms, learn about the people who run them, and frequently receive the impression that they are funding an entrepreneur’s dream.
Our favorite small businesses of 2024
We compiled items from some of our favorite small businesses across the nation to suggest a range of places to shop. This is by no means a comprehensive list; see below for additional information on how to locate small businesses to purchase from.
Aalyn Jordan Leather Bucket Bag
Jordan Bucket Bag
Aalyn, an accessories company founded by two cousins, offers gold-plated jewelry, leather purses, and bag straps. This Jordan Leather Bucket Bag is owned by Leah Ginsberg, managing editor of NBC Select, who values its quality construction. “I think it’s too small for work, but it’s a good size for going out on a weekend or trip,” she says. The bag has a shoulder strap and a crossbody strap and is composed of coated leather.
Tchotchke Ripple Menorah
Ripple Menorah
Tchotchke produces a variety of stylish menorahs and judaica, whether you’re buying for yourself or are searching for Hanukkah presents. This little business is a favorite of NBC Select commerce editor Lindsay Schneider, who received a courtesy sample of the brand’s Ripple Menorah. She remarks, “I adore how contemporary and unconventional this menorah is.” Standard Hanukkah candles are easy to clean and fit neatly into the ringed layers. Because I liked how the stoneware appeared on my bookshelf without candles, I decided to keep it out all year round. It’s a stylish piece of pottery.
Loeffler Randall Leonie Black Leather Ballet Flat
Loeffler Randall Leonie Black Leather Ballet Flat
Founded by women, Loeffler Randall is primarily known for its shoes, however they also sell clothes and luggage. Ginsberg claims that she is completely enamored with these ballet flats, saying that they are so comfy that they feel like no shoes at all. They also come in over a dozen various materials and colors.
Lizzie Fortunato Build Your Mood Hoops
Lizzie Fortunato Build Your Mood Hoops
Schneider declares, “I adore this brand.” Two sisters founded it, and a large portion of it is created by hand in New York City. Lizzie Fortunato creates exquisite jewelry as well as costumes. “I really like their earring charms, and I used them to add some flair to a pair of hoops I already had,” she says. While the charms start at $35, the brand’s mood hoops range in price from $90 to $125 and are available in enameled hues and traditional metals like brass plated in gold and rhodium.
Flamingo Estate Personalized Extra Virgin Olive Oil
Flamingo Estate Personalized Extra Virgin Olive Oil
California-based Flamingo Estate collaborates with a network of farmers to cultivate vegetables, which the company then uses to create visually appealing bath and body essentials, candles, and pantry necessities. According to NBC Select reporter Bethany Heitman, the brand seems very upscale and customized. I love that this olive oil can be personalized for an extra unique touch, so I’m going to give a bottle to almost everyone on my list for the holidays.
Backlot Flying Squirrel Coffee
Backlot Flying Squirrel Coffee
What I miss most about living in Evanston, Illinois is Backlot Coffee, therefore I’m glad they ship all across the country. Every weekend in college, I spent hours in this shop, sipping its Flying Squirrel mix until the sun set. As I write this, I can taste the nuances of chocolate, fig, and toasted almonds (maybe because I just brewed a fresh pot, like I do every morning).
The state of small businesses in 2024
According to Joseph Black, director of product management, accounting, and commerce at Intuit QuickBooks, the value of shopping small has apparent appeal. However, he claims that after witnessing small companies fight to survive the epidemic and many of them close their doors forever, consumers now have a greater appreciation for how important it is to support them.
Following years of adversity, small businesses are now trying to modify their business models and adapt to constantly shifting conditions in order to eventually reach a larger client base. According to Black, their primary focus areas are social media and e-commerce, which shows that they are making investments to become omnichannel—that is, accessible to customers across a variety of buying platforms and modalities. This trend began in part as a result of the pandemic, which pushed many small companies to close their physical stores and begin selling online through platforms like Etsy, Shopify, and Amazon. However, according to Black, using the digital realm is now viewed as a huge growth opportunity. By meeting their customers where they are, which is mostly online, small businesses can demonstrate to them that they are prepared to improve the quality of their purchasing experiences year after year.
Currently, during the peak of the winter holidays, customers have a generally positive attitude toward small enterprises. According to American Express, 85% of customers say they want to buy locally this season, and 64% of them say this is because they are aware that a percentage of their purchases will have a direct influence on their neighborhood. However, for small businesses to continue expanding, this high level of support must last throughout the year, and Small Business Saturday serves as an annual reminder of that, according to Black.
How to support small businesses year round
For one-third (34%) of consumers, shopping small inspired them to consider opening their own small business, according to the Amex 2024 Shop Small Impact Study. However, such tiny enterprises depend on the support of their customers to remain open. According to experts, the greatest approach to support small businesses is to buy their goods, gift cards, and subscription services. But there’s more you can do to show your support. Experts suggest supporting small companies all year long in these ways.
Share your positive reviews online and via word-of-mouth
Because so many customers rely on reviews when determining where to shop, sharing your positive experience goes a long way, says Black. Consider reviewing the product you bought and loved on Google, Yelp or the businesses website, or discussing the business exemplary customer service, flexible store hours or convenient payment options. All of these details mean a lot to small businesses and encourage customers to shop there.
Interact with small businesses on social media
Following your favorite small businesses is a great way to stay alerted to sales, new products, special promotions and more. Some small businesses also sell and advertise their products directly through platforms like Facebook, Instagram, TikTok and Pinterest. This gives you a convenient way to purchase items if you re scrolling and see something that catches your eye.
Black also encourages shoppers to interact with small businesses by liking and commenting on their posts, or forwarding them to friends and family members who you think might be interested. You can also post about a product you bought from a small business and tag their account, whether that s in an Instagram Story, on a Facebook page or through a TikTok. When you do this, you re sharing the small business with everyone who follows you, giving them exposure with just a few clicks, says Black. That business might repost your photo or video, showing their followers how someone uses their products in real life.
Seek out small business sellers on larger e-commerce sites
In addition to shoppers making more of an effort to shop small, large retailers are too. Amazon, for example, now adds badges to product pages on its site if items are sold by small businesses. And retailers like Target and Walmart are beginning to carry more products from minority-owned brands, most of which are small businesses. Experts say that as consumers intent to shop small continues to strengthen, corporations are forced to respond.
Use small business shopping guides, maps and other search tools
If you re looking to find small businesses to shop from directly online or in stores, you may be able to find guides and maps available through your city or town to point you in the right direction. Additionally, theAmerican Express small-business mapallows you to input your zip code so it can recommend local shops in your area and beyond. Google also has a small business filter on desktop and mobile, and one for Google Maps on mobile. When you tap the filter, you ll only see products from merchants that identify as small businesses to help guide your shopping.
Meet our experts
At Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. We also take steps to ensure all expert advice and recommendations are made independently and without undisclosed financial conflicts of interest.
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Jessica Ling
is the senior vice president of global brand advertising at American Express, which started Small Business Saturday in 2010. -
Joe Black
is the director of product management, accounting and commerce at Intuit QuickBooks. He has over 20 years of experience in ecommerce, working at companies including eBay and PayPal to build platforms that help connect consumers and small businesses.
Why trust NBC Select?
I m areporter for NBC Selectwho has covered deals and sales since 2020. For this piece, I spoke to two experts about the impact of Small Business Saturday and referenced relevant studies from Quickbooks and American Express.
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