Retail store owners and small business owners have been reorganizing their business operations to run over the past few years. To determine the trend, Chase Ink conducted a new survey. They are inquiring about the small businessmen about the change in their business policies to overcome new hurdles by the pandemic. About 64% of retail owners conveyed that the changes they acquired will be maintained in 2021 also.
Chase Ink is well aware that many small businessmen are running their business through ecommerce. So, they expanded the ‘Pay Yourself Back Offer’ to redeem points to get 25% more value for shipping and ad expenses. The Executive Director of Chase Ink, Megan Chandler, said, “We truly understand what business owners’ needs right now given the unique and challenging environment they are facing.”
The shifting of small business to ecommerce is going to be a huge movement towards becoming digital. 35% of owners said that they are forced to close their business due to pandemic. In contrast, 19% of owners started to run their business online for the first time in 2020. Survey also shows that at least 1/4th of small retail owners began to promote their business through digital advertising on social media.
These small businessmen have admitted that their business has flourished a lot by social media advertising, ecommerce platforms, and search engine advertising. About 44% of owners experience a rise in sales, with an average of 37% since 2019. Even Chandler also commented that an overall 36% rise in sales had been seen, which was quite remarkable.
The report published by Chase Ink also says that women small retail owners are mostly indulged in ecommerce. On this topic, Chandler said, “Based on conversations with our customers, we’ve seen remarkable growth among women business owners operating ecommerce business companies.” Chase Ink has also looked upon the women owners specifically by preferring them to use their Pay Yourself Back program. About 65% of women owners planned to advertise on social media.