As the U.S enters the busiest time of the year for retailers, Amazon (AMZN) is thriving, saying on Dec. 1 that 2020 “has been the largest holiday shopping season so far in the company’s history.” Walmart (WMT) is seeing big gains in its online sales as well. And Target (TGT) reported a 155% surge in online sales in the third quarter.
But for many small businesses, the story is much different.
Uncertainty among small business in November was at its highest point in four years, according to the National Federation of Small Businesses. That’s due in part to consumers’ rapid shift to online shopping.
In the annual “U.S. Retail Index Study,” IBM data shows the pandemic has accelerated the shift from brick and mortar stores to online shopping by roughly five years. And that’s leaving many small businesses that have relied principally on foot traffic behind.
“The ones who