BASKING RIDGE, NJ – Small and medium-sized businesses are seeking guidance and investing in new technology to help them weather challenges like supply chain and inflation as the holidays approach, according to Verizon’s third annual Business Intelligence Survey. small business status.
“The need for small and medium businesses to accelerate with the right technology tools has never been greater,” Aparna Khurjekar, CRO of Commercial Markets and SaaS, Verizon Business. “These results are consistent with what we hear from our customers every day. They see the value of technology in driving revenue, improving operational efficiencies, and scaling their businesses to drive vacation sales success.
Main results of the survey:
A digitally-driven holiday season: Technology plays a big role in the continued success of many small and medium-sized business makers, with 36% saying most of their sales over the 2021 holiday season were digital and a similar proportion (34%) year indicating that they are preparing for a digital holiday season.
Supply chain issues can hold back holiday sales: Overall, the survey shows that 44% of small and medium-sized business decision makers think supply chain issues could hold back holiday sales. Those working in retail are most concerned about economic issues, while supply chain issues dominate the concerns of restaurant and bar owners.
Technology driving the future of customer experience: Overall, 61% say they have implemented digital tools and technologies in the past two years to change their processes and improve the customer experience.
Economic concerns persist: nearly 2 in 5 respondents (38%) worry about pricing goods/services correctly to keep up with inflation, and one in three (35%) worry about economic hardship and the inflation that affect their sales.
Education and access to information: Education and access to information are important, with more than 2 in 5 saying their business could benefit from outside advice on how to be successful this holiday season (43%).
Helping small businesses with learning resources and financial assistance
Beyond its technology and services, Verizon provides valuable assistance to small businesses to help them strategize and navigate critical business moments. This includes access to Verizon Small Business Digital Ready, a free, comprehensive online program to help small businesses with their digital transformation. The portal was created with and for small businesses, with a particular focus on helping diverse and underfunded business owners. It offers personalized learning through more than 30 courses, mentoring, peer networking, 1:1 expert coaching, and incentives. Small businesses can register at www.verizon.com/smallbusinessdigitalready. This initiative is part of Verizon’s goal to support 1 million 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 from Hurricane Ian, Verizon recently announced a $250,000 donation to Collaboratory, a local nonprofit community problem-solving organization in Southwest Florida, and Florida TaxWatch, a nonprofit organization that promotes economic development across the state.
Small Business Days November 10-23
Verizon is also bringing back Small Business Days until November 23, with special offers for small and medium-sized businesses, plus a free technical assessment 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 and medium business owners and decision makers via online interviews .