Good news for those who own a retail location for their small business this holiday season. In a study conducted by Deloitte that spoke with over 5,000 holiday shoppers in the U.S., the majority of respondents said they would spend over 50 percent of their budget for holiday shopping in brick-and-mortar stores. The majority of that shopping will target local retail stores, which can provide a better customer service experience than online retailers.
Online as a tool
These statistics are promising for small businesses that maintain a retail location, but do not invalidate the need for an online presence. Many respondents said they would be using the internet to research products online before completing the actual purchase in-person. Additionally, an increasing percentage of commerce has moved online. In 2013, online sales increased 18 percent to $1.9 billion, Entrepreneur reported, citing data from Nextopia. That number is expected to increase this year, and businesses that fail to provide any online commerce options are potentially leaving money on the table.
While customers’ predilection for in-person purchasing is good news for traditional stores, building a small business’s online commerce options greatly expands the number of potential customers for a specific store. While it offers the opportunity for increased profits, the boost in commerce makes cyberliability business insurance policies an important part of any retail organization.
