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In a new survey, conducted by American Express, the globally integrated payments company, 88 percent of small businesses said they are concerned about revenue over the summer.
The study, which surveyed 350 small business decision-makers, also found that while 93 percent of small businesses agree that social media is effective in aiding their business gain new customers, more than 60 percent of small businesses don’t know how to best utilize social media platforms.
Furthermore, in another Amex study with more than 2,000 people surveyed, nearly 78 percent of Generation Z and 62 percent of Millennial consumers say they discover new businesses and brands on social media.
To help small businesses gain more sales this summer, American Express has announced the next edition of its Shop Small Accelerator program that focuses on helping small businesses with social media platforms to their advantage.
South-Asian clothing brand Sani has teamed up with Amex to help other small businesses. Sani’s cofounders, Niki and Ritika Shamdasani, recently landed a deal with Nordstrom by leveraging their TikTok presence within their pitch to the department store chain.
In partnership with the Shop Small Accelerator program, the sisters are using their expertise and experience to help other small businesses use their social media to their advantage and grow their businesses.
The cofounders believe that their social media on TikTok saved their businesses during the pandemic. During a time when events were at a halt and weddings were canceled, the duo used the platform for brand awareness. After expressing their personalities with more organic content and storytelling, they found their community on the app, which later led to product expansions, partnerships and an increase in shoppers.
“Social media has been crucial for our brand’s growth, but success didn’t come overnight,” the Shamdasanis said. “To establish an optimal content strategy, we realized the importance of constantly trying new things. That’s why we were thrilled to participate in American Express’ Shop Small Accelerator. It offers helpful video tutorials and practical resources for small business owners to try new things. It’s essential to constantly seek new perspectives and learn from others. The content covered in the accelerator has worked exceptionally well for us and we are excited to be able to share that knowledge with other business owners.”
Marianne Rausch, vice president of Small Business Saturday and the Shop Small program at American Express, believes that social media is vital to small business owners because consumers are easily able to find small businesses to support.
“To help more small businesses enhance their social media presence and attract new consumers, the new iteration of the Shop Small Accelerator provides small businesses with tips and techniques, inspired by businesses like Sani who have successfully mastered using social media as a marketing tool, alongside new offers in our Business Savings Suite on marketing services, tipping software and more,” Rausch said.
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