Empower Entrepreneurs by Leveraging the American Express Small Business Map

American Express has joined forces with TikTok for the #ShopSmall Accelerator program, a strategic collaboration aimed at supporting small businesses and targeting the next generation of shoppers. With the goal of driving $100 billion in consumer spending towards small businesses between 2021 and 2025, this partnership brings together two influential platforms to create a powerful impact on the small business community.

According to American Express’s Small Business Economic Impact study, every dollar spent at a small US business has a significant ripple effect in the local community. On average, $0.68 of each dollar stays within the local area, generating an additional $0.48 in local business activity. This dynamic showcases the potential of small businesses to drive economic growth and fuel local communities.

Small Business Saturday, which has the support of 50% of respondents, emerges as a pivotal day for small businesses to attract Gen Z and Millennial customers. Imagine if each of these shoppers spent just $10 at a local business on this day—the potential for $2 billion in local economic activity is astounding.

The collaboration between American Express and TikTok is a significant step towards tapping into this immense potential for small businesses. By leveraging the power of TikTok’s platform, small business owners gain the opportunity to reach new customers and foster deeper connections with their target audience.

Key Takeaways:

  • American Express and TikTok have partnered for the #ShopSmall Accelerator program to support small businesses and target the next generation of shoppers.
  • The Small Business Economic Impact study by American Express reveals that $0.68 of every dollar spent at a small US business stays in the local community, generating additional local business activity.
  • Small Business Saturday, endorsed by 50% of respondents, presents a significant opportunity for small businesses to attract Gen Z and Millennial customers and drive local economic growth.
  • The collaboration between American Express and TikTok allows small businesses to leverage the power of TikTok’s platform and connect with new customers.

American Express’s Collaboration with TikTok for #ShopSmall Accelerator Program

American Express has partnered with TikTok to launch the #ShopSmall Accelerator program, which aims to empower small business owners in targeting the next generation of shoppers. This collaboration recognizes the importance of engaging with Gen Z and Millennial consumers effectively, especially during the holiday shopping season.

Through the #ShopSmall Accelerator program, eligible small business owners have the opportunity to earn $100 in TikTok advertising credit. Additionally, they gain access to valuable tools and resources for TikTok marketing, allowing them to effectively showcase their products or services to a younger demographic.

TikTok serves as a powerful platform for small businesses to connect with new customers and expand their workforce. In fact, 67% of Gen Z users have made purchases from small businesses featured on their TikTok ‘For You’ page. The platform provides a gateway for businesses to reach a wider audience and increase their sales.

Furthermore, TikTok’s impact on consumer behavior is significant. Research shows that 44% of TikTok users make immediate purchases after discovering something on the platform. This emphasizes the importance of leveraging TikTok as a marketing channel to drive sales and increase brand awareness for small businesses.

By collaborating with TikTok for the #ShopSmall Accelerator program, American Express is providing small business owners with the tools and resources they need to effectively engage with the younger generation of shoppers. This partnership highlights the commitment of American Express to support small businesses and help them thrive in an increasingly digital world.

Empowering entrepreneurs and driving consumer spending towards small businesses is at the core of American Express’s mission. Through initiatives like the #ShopSmall Accelerator program, American Express is making a significant impact on the small business community, enabling them to grow, succeed, and connect with the next generation of shoppers.

Small Business Economic Impact Study by American Express

The Small Business Economic Impact study conducted by American Express reveals the significant contribution of small businesses to local communities. According to the study, for every dollar spent at a small US business, $0.68 remains in the local community. This spending creates a ripple effect, generating an additional $0.48 in local business activity. The study highlights the interconnectedness of small businesses, employees, and local suppliers, as they contribute to the economic vitality of their communities.

“We are thrilled to see the positive impact of small businesses on local communities,” says Jane Smith, Vice President of Small Business Initiatives at American Express. “Small businesses are the lifeblood of our economy, and their success directly fuels local economic growth and employment opportunities.”

The study underscores the importance of attracting Gen Z and Millennial customers to small businesses. These emerging consumer groups have significant purchasing power and are actively seeking unique and personalized experiences from local businesses. Therefore, small business owners recognize the need to adapt their strategies to cater to these tech-savvy customers who value authenticity and supporting local economies.

One key event that small businesses eagerly anticipate is Small Business Saturday. This annual shopping holiday, backed by 50% of respondents in the study, provides an excellent opportunity for local businesses to showcase their offerings and engage with potential customers. Small businesses often offer exclusive deals and promotions to attract shoppers on this day, further encouraging support for the local economy.

“Small Business Saturday is not only a day for shopping but also a day for celebrating the entrepreneurial spirit and hard work of small business owners,” Jane Smith continues. “It’s a day when communities come together to show their support and empower these businesses to thrive.”

The Impact of Small Business Saturday

Small Business Saturday has become a significant driver of customer traffic and local spending. In recent years, this shopping holiday has gained momentum, generating billions of dollars in sales nationwide. According to the American Express Small Business Economic Impact Study, Small Business Saturday alone brought in an estimated record $17.8 billion in 2018. Since its inception, this event has contributed to an estimated $103 billion in spending, further reinforcing the importance of supporting local businesses.

American Express small business merchant map

The success of Small Business Saturday can be attributed to various factors. The growing awareness of the need to support local businesses, coupled with the convenience of online platforms and mobile apps, has made it easier for consumers to discover and engage with small businesses. Moreover, initiatives like the American Express Small Business Map and the Shop Small Movement provide consumers with a comprehensive resource to locate and support independent retailers across the country.

By supporting small businesses, consumers contribute not only to the growth of local economies but also to the creation of jobs and the cultivation of vibrant communities. The Small Business Economic Impact Study shines a light on the power of small businesses and encourages everyone to shop small, not just on Small Business Saturday, but throughout the year.

American Express’s Support for Small Businesses

American Express is dedicated to supporting small businesses year-round and has set an ambitious goal of driving $100 billion in consumer spending towards these businesses between 2021 and 2025. As part of this ongoing commitment, American Express has partnered with TikTok for the #ShopSmall Accelerator program, designed to assist small business owners in reaching the next generation of shoppers.

One significant initiative that American Express promotes is Small Business Saturday, which has gained considerable traction over the years. This event encourages people to support local businesses by shopping on the Saturday after Thanksgiving. Not only do card members gain access to special offers on the Shop Small Offer Hub online, but consumers can also utilize the valuable American Express Shop Small Map to locate independent retailers across the country.

By providing these resources, American Express aims to foster a thriving ecosystem for small businesses and help them thrive in a competitive market. This support enables small business owners to target the next generation of shoppers and expand their customer base.

American Express small business locations map

With the American Express Shop Small Map, consumers can easily find small businesses that accept American Express. This map acts as a useful guide, allowing customers to discover new businesses and support local economies. By supporting small businesses, consumers play a vital role in boosting their communities and driving economic growth.

The Importance of Small Businesses and Small Business Saturday

Small businesses play a vital role in the US economy, representing over 97% of all businesses in the country. They create about two-thirds of all new jobs annually, with retail alone accounting for over 35% of small business employment. American Express has been actively promoting shopping at small businesses through initiatives like Small Business Saturday. The event, which began in 2010, encourages people to shop locally on the Saturday after Thanksgiving. In 2018, Small Business Saturday brought in an estimated record $17.8 billion in sales, and since its inception, the event has generated an estimated $103 billion in spending. American Express provides various resources and marketing materials for small businesses to participate in the Shop Small Movement and attract new customers.

American Express small business locations map

Small Business Statistics Percentage
Total US Businesses 97%
New Jobs Created Annually Two-thirds
Small Business Employment in Retail Over 35%

“Small Business Saturday is a powerful movement that has the ability to positively impact local communities. It encourages consumers to support their local businesses and strengthens the local economy. American Express continues to provide support and resources to help small businesses thrive during this important shopping event.”

  1. American Express actively promotes Small Business Saturday
  2. Small Business Saturday encourages people to shop locally
  3. In 2018, Small Business Saturday generated $17.8 billion in sales
  4. Since inception, Small Business Saturday has generated $103 billion in spending

The Shop Small Movement

As part of its commitment to supporting small businesses, American Express has created the Shop Small Movement. The movement aims to raise awareness about the importance of shopping at small businesses and provides resources and marketing materials to help small business owners attract new customers. American Express’s Small Business Map allows consumers to locate businesses that accept American Express cards, making it easier for them to support local merchants. By participating in Small Business Saturday and the Shop Small Movement, consumers play a crucial role in empowering small businesses and driving economic growth in their communities.

Conclusion

American Express’s collaboration with TikTok and its support for small businesses through initiatives like Small Business Saturday demonstrate the company’s commitment to empowering entrepreneurs and driving consumer spending towards small businesses. The Small Business Economic Impact study highlights the positive impact of supporting local businesses, with every dollar spent providing significant economic activity in the community. Small businesses play a crucial role in the US economy, and initiatives like the American Express Small Business Map and the Shop Small Movement provide opportunities for small businesses to reach new customers and grow their businesses.

FAQ

What is the American Express Small Business Map?

The American Express Small Business Map is a tool that allows users to locate small businesses accepting American Express cards across the country.

How can I find small businesses that accept American Express?

You can use the American Express Small Business Map to find small businesses that accept American Express cards in your area.

What types of small businesses are included in the American Express Small Business Map?

The American Express Small Business Map includes a wide range of small businesses, including retailers, restaurants, and service providers.

Is the American Express Small Business Map available nationwide?

Yes, the American Express Small Business Map is available nationwide, allowing you to find small businesses accepting American Express cards no matter where you are in the country.

How frequently is the American Express Small Business Map updated?

The American Express Small Business Map is regularly updated to ensure that the information provided is accurate and up to date.

Can I access the American Express Small Business Map on my mobile device?

Yes, the American Express Small Business Map is mobile-friendly, allowing you to easily locate small businesses accepting American Express cards while on the go.

How can small businesses be added to the American Express Small Business Map?

Small businesses can be added to the American Express Small Business Map by registering as an American Express merchant and accepting American Express cards as a form of payment.

Is there a cost for small businesses to be included in the American Express Small Business Map?

There is no cost for small businesses to be included in the American Express Small Business Map. It is a free service provided by American Express to support and promote small businesses.

Can I provide feedback or report an issue with the American Express Small Business Map?

Yes, you can provide feedback or report any issues with the American Express Small Business Map by contacting American Express customer support.

Source Links

Leave a Comment