Despite ongoing concerns surrounding inflation, U.S. small business owners are optimistic about the future and feel prepared to adapt as needed to meet their customers’ needs. According to new research by Union Bank, a leading West Coast bank, small businesses that have prioritized digital technology capabilities and increased their social media presence since the start of the COVID-19 pandemic have seen their businesses grow.
The Union Bank Small Business Holiday Spending 2022 Survey reveals that most small business owners are evolving their businesses to keep up with changing consumer expectations and demands. Most notably, half of U.S. small business owners have added third-party payment systems and half of California small business owners have added online ordering. On the social media front, more than half of U.S. small business owners said they believe their increased social media presence has led to more sales, customers, and overall business growth.
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