Small businesses turn to digital tools this holiday season

44% of small and midsize business decision makers believe supply chain issues could dampen holiday sales. #pressrelease

November 14, 2022

2 Min Read

BASKING RIDGE, N.J. – 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.

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.

Read the full press release here.

Verizon

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