Chase Ink

How Small Business Owners Have Adjusted Spending Habits

SMALL BUSINESS EXPENSES
Small business owners reported that the majority of their spending expense increases since last year have been for

• 26% social media advertising
• 24% e-commerce platforms
• 23% search engine advertising
• 27% of small business owners reported that the majority of their business expense increases this year were related to shipping to customers.

E-COMMERCE
35% of small business owners stated that the pandemic would have forced their business to close without e-commerce.

44% of small business owners who sell products/services online have seen a boost in their e-commerce sales since 2019 and reported an average 37% overall increase.

Almost two-thirds (64%) of small business owners agree that the changes they have made to their business this year will continue into 2021.

19% of small business owners began selling products online or shipping to customers for the first time in 2020.

DIGITAL ADVERTISTING
48% of small business owners say social media has become a more important part of their business this year.
23% of small business owners were promoting their company through digital advertising for the first time this year.
31% of small business owners have increased spending on advertising activities compared to 2019.
26% of small business owners have been spending more on social media advertising.

FOR SMALL BUSINESS OWNERS WHO USE PAID SEARCH ADVERTISING,
52% have seen new customers
39% have had new leads/inquires
36% have experienced increased recognition of their business 

62% anticipate advertising on social media in 2021 to drive sales.
52% anticipate using paid search engine advertising in 2021 to drive sales.