In a recent survey conducted by GoTo, the all-in-one business communications and IT support platform built for SMBs, found that amid concerns of rising inflation and economic uncertainty, Americans are continuing to prioritize shopping with small businesses. Moreover, 41 percent say they are even willing to pay more when shopping from a small business than they would at a larger retailer.
According to the survey, 54 percent of consumers say they are making an ongoing effort to shop locally at small businesses rather than from large retailers with 28 percent saying they have successfully shopped more at small businesses.
“At a time when people are watching how and where they spend their money, it is encouraging to see this overwhelming support for small businesses,” said Jamie Domenici, chief marketing officer at GoTo. “At GoTo, we are dedicated to supporting these growing businesses and the essential connections they need with their customers. Small businesses can build on this opportunity by ensuring they have the technology and resources needed to reach their customers however they want to connect.”
A key finding from the company’s report showed that reliable customer support has the largest impact (46 percent) on a consumers’ decision to shop small. Ultimately, the report’s authors said “staying close to customers and understanding their needs is critical to operating a successful business.”
In order to support and help as they prepare for the upcoming season and beyond, GoTo shared three tips for businesses to keep in mind.
First, GoTo said SMBs should remember that “making customer connections is essential,” noting that it costs five times more on average to acquire a new customer than to retain a current one. The company suggests that SMBs can come out on top by making decisions with customer retention at the center, including prioritizing customer service and being accessible wherever the consumer is, including mobile.
Second, the company advises that businesses can “do more with less,” meaning investing in technologies that are designed to accommodate flexibility and help master asynchronous communication and remote support. By consolidating solutions and utilizing a unified platform with support and communications, the company says, businesses will save time, enable growth in customer base with a small team, improve connections and provide automation needed to meet consumer demands.
Lastly, GoTo suggests that SMBs “protect and connect their employees to better support customers.” Notably, many retailers have had recent staffing challenges and by keeping employees plugged in and empowered, the company advises businesses will save invaluable time and money.