Trick or Treat for Small Businesses

With a year full of surprises, small businesses are on the edge to finding out whether the last quarter will be a trick or treat.

Nobody could predict what happened in 2020. On a global level, the health of our nation and economic stability was challenged like no other. The arrival of the pandemic created a wave of confusion and despair across the globe. Retail and service businesses had to close their doors as other businesses struggled to maintain operations with workforces working from home. The travel industry came to a slow crawl as they watched their financial stability come crashing down. The roads cleared of traffic and the planes were grounded and the energy industry fell into disarray. Millions of jobs were lost, and people worldwide became dependent on subsidies from the government and other agencies. Only recently have businesses began to open back up and the roads and air traffic have slowly increased. But the truth is that nobody know show far from over the situation remains. Many are looking toward the fourth quarter and first of the year with hopes of a pandemic solution and economic recovery.

Halloween signals the start of the shopping season

Last year Halloween spending reached near-record highs in terms of total spending according to an annual survey conducted by ProsperInsights & Analytics. The total spend was estimated to be $8.8 billion and included purchasing candy, decorating homes and yards, dressing in costumes, carving pumpkins, attending parties, trick or treating, visiting haunted houses and even dressing pets in costumes. What used to be known as a festivity for kids has turned into an event for children and adults as well. Each year the participant level increases and retailers gear up to help customers celebrate in style.  Small businesses are a large part of this retail activity and for many it signals the beginning of what the shopping season will bring.

Shoppers Prefer Small and Local Retailers

Even in the era of online shopping, a recent survey commissioned by UPS and conducted by ComScore indicated that consumers still prefer small and local retailers over the large, national chains. The reasons behind the preference are that shoppers like being able to find unique and hard to find items in the smaller shops as well as also having an interest in supporting the local community. One of the primary reasons the consumers might choose the large retailer is that the bigger businesses are able to pass down savings to their customers. To remain competitive the small business needs to trim costs where they can and align with vendors who offer them ways to maximize their profits.

Ready for change and prepared for the Future

Retailers are hoping for a good shopping season to end out this year filled with surprises and are hoping and praying for a better new year. Being prepared for the uncertain future will be the key to success.  Small businesses are good at reacting quickly to change but need to plan their systems using the knowledge presented to them.Understanding that accepting multiple forms of payments and offering systems to pay at a distance may be key for the future. Customers want choices and small businesses need to partner with vendors who can offer these systems at pricing that will keep them competitive. Use of inventory control software and analysis that can predict business needs will help keep the small business profitable.The right business software can help manage the day to day operations and provide analytics useful for managing critical change.  

MPG is here to help the small business owners with their daily needs and goals. We offer multi-channel payment solutions that will align with your customer’s requirements. Our customized software can help you run your business more efficiently and predict and determine the solutions needed to adapt. MPG listens and stands for small business as they manage the change and prepare for the future.  

MPG is the merchant’s voice. Contact us today.

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