American Express is giving small business owners the tips and resources needed for their business to thrive. This is part of the ways American Express is celebrating the one decade anniversary of Small Business Saturday. American Express has opened an interactive retail space in New York, called the Te Big Future of Shopping Small.
The Big Future of Shopping Small showcases cutting edge technology. It has an augmented reality which brings to life a virtual boutique where more than one small business can share shelf space, and a new product label where business owners can include extra text, videos, or online shop that tells a unique story of their brand. It also has artificial intelligence, which enables the system to forecast consumer’s choice and payment method, which will make shopping easy. Hence, it means customers don’t need to stay in long queues to make their payment after shopping.
The new shopping innovation was opened to the public over-weekend on the same day American Express celebrated ten years of contributing to the growth of local businesses. Other highlights of the celebration include the unveiling of American Express partnership with Main Street America to disburse $10,000 grants to support the growth of 10 small businesses. Application for the grant starts Nov. 30th.
According to recent research, the reason why about 77% of Americans prefer to patronize small business on Small Business Saturday this year is as follows:
- 34% says small business delivers better product and services
- 39% says they want to support the growth of small businesses
- 44% says that small business suits the character of their community
- 65% says they don’t want the money to leave their communityOver $100 billion has been spent on small business in the last nine years on Small Business Saturday, and it is estimated that over 65% of that amount will remain in the local communities.