Despite Recession Indicators, 88% of U.S. Business Owners or Executives Expect to Make the Same or More this Holiday Season, According to New Data from Fiverr
November 15 2022 - 9:00AM
Business Wire
Retail and e-commerce business owners polled
said they’re also willing to offer steeper discounts to entice
customers compared to promotions they offered in 2021.
Fiverr International Ltd., (NYSE: FVRR), the company that is
revolutionizing how the world works together, has compiled new data
revealing how small-to-medium-sized retail and e-commerce
businesses in the U.S. plan to navigate an uncertain holiday
shopping season. Fiverr conducted a nationwide survey of 505
business owners and executives, shedding light on the tactics
businesses are using to remain competitive and their expectations
for sales performance compared to last year. The findings reveal
that while many business leaders anticipate challenges due to
inflation and a looming recession, with the right strategy and
preparation, they remain largely optimistic about their sales this
year.
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Fiverr has compiled new data revealing
how small-to-medium-sized retail and e-commerce businesses in the
U.S. plan to navigate an uncertain holiday shopping season.
(Graphic: Business Wire)
“The data shows businesses are shifting their strategy,
preparing early and prioritizing marketing channels that will keep
them competitive in the current market,” said Gali Arnon, CMO of
Fiverr. “Whether it’s web design, social media ads, or SEO, Fiverr
aims to provide talent resources that allow small to medium
businesses to adapt quickly and remain competitive this holiday
season amid an uncertain economy.”
Several trends that emerged from the data include:
Business leaders are aware of the potential negative impact
that inflation, the economic downturn, and supply chain disruptions
could have on their business this season.
- More than 1 in 3 business leaders surveyed (36%) said the
economic downturn and inflation’s impact on sales (37%) would be
among the greatest challenges they anticipate their business will
encounter this holiday season.
- Supply chain concerns still linger: 43% of respondents said
supply chain disruptions or inventory shortages would be among the
greatest challenges they will encounter this holiday season, along
with competition from larger e-commerce retailers (37%).
Business leaders are preparing earlier and offering steeper
promotions this holiday season.
- The majority (64%) of business leaders polled started holiday
promotion planning 1-3 months earlier this year compared to
2021.
- Nearly half (47%) of executives surveyed plan to offer steeper
holiday discounts this year compared to last year.
Nearly 100% of small-to-medium retail and e-commerce
businesses plan to reduce their investment in some form of
marketing or advertising compared to last year.
- 1 in 3 executives surveyed plan to reduce investment in email
marketing compared to last year, and just over 1 in 4 plan to cut
back on in-store promotions or events.
- Nearly 90% of business leaders surveyed say social media is
sacred; they have no plans to cut back ad spend in this area this
holiday season, and 41% plan to increase their spend in this
category.
Despite a looming recession and high inflation, retail and
e-commerce business leaders are optimistic about the holiday
shopping season.
- 88% of business leaders surveyed believe they’ll make the same
or more this holiday season as last year.
- But the stakes are high — half* of business leaders surveyed
believe their sales performance this holiday shopping season will
have more of an impact on their overall business outlook compared
to previous years.
This survey was conducted in partnership with Censuswide. You
can also find a collection of expert tips and resources for
businesses navigating this holiday season in Fiverr’s Holiday
Hub.
*‘Our sales performance this holiday shopping season will have
some impact on our overall business outlook compared to previous
years‘ and ‘Our sales performance this holiday shopping season will
have a lot of impact on our overall business outlook compared to
previous years‘ answers combined.
About Fiverr
Fiverr’s mission is to revolutionize how the world works
together. We exist to democratize access to talent and to provide
talent with access to opportunities so anyone can grow their
business, brand, or dreams. From small businesses to Fortune 500,
over 4 million customers worldwide worked with freelance talent on
Fiverr in the past year, ensuring their workforces remain flexible,
adaptive, and agile. With Fiverr’s Talent Cloud, companies can
easily scale their teams from a talent pool of skilled
professionals from over 160 countries across more than 550
categories, ranging from programming to 3D design, digital
marketing to content creation, from video animation to
architecture.
Don’t get left behind - come be a part of the future of work by
visiting fiverr.com, read our blog, and follow us on Twitter,
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version on businesswire.com: https://www.businesswire.com/news/home/20221115005374/en/
Molly Nolan press@fiverr.com
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