Small businesses account for 54% of all U.S. sales, and sales are steadily growing. Changing technology trends have affected sales, with more customers preferring online and mobile shopping.
Download our latest infographic to learn more about why small business sales are up and how to improve your company sales.
Small businesses in the U.S. reported consistent revenue growth:
- In 2015, 28% of small businesses reported growth
- In 2016: 34%
- In 2017: 38%
Small businesses account for 54% of all U.S. sales, with the largest sales numbers seen in these industries:
- Professional Scientiﬁc & Technology Services: 9.1% growth
- Healthcare: 8.4% growth
- Manufacturing: 5.3% growth
- Accommodation & Food Services: 4.7% growth
- Retail: 2.7% growth
Despite consistent revenue growth across industries, 60 percent of all small businesses cited “attracting new customers” as their biggest challenge in 2017.
The power of word of mouth (and reviews):
- 85 percent of small businesses cite word of mouth as their best source for new customers and sales.
- 88% of customers trust online reviews as much as personal recommendations.
- Consumers spend up to 31 percent more on products or services with businesses that have healthy reviews.
51% of consumers prefer online and mobile shopping, but:
- 74 percent of small business websites had no eCommerce
- 29 percent of small businesses didn’t even have a website
To meet changing consumer needs, 92 percent of small businesses without websites say they will have a website by the end of 2018.