A new report from RBC indicates that the future of small business in Ontario could actually be quite good, if those businesses are willing to make adjustments.
The study shows that millennials, who already make up more than 35 per cent of consumers, prefer spending their money at small businesses instead of big-box outlets or large chain stores.
In fact, they don’t mind paying more for their purchases with small businesses.
That’s great news for small business operators, but it does come with a couple of important caveats.
Consumers want small business to offer more payment options, including debit and credit and many of the increasingly popular payment apps that are now available.
Then, there’s product: millennials aren’t like past younger generations that stocked up on Kraft dinner and frozen entrées, or shopped at discount stores.
They want non-gmo, organic and environmentally friendly products and many of them support fair wage policies, all of which means that they will spend more on small businesses that meet that criteria.
The message here is really not new: businesses that survive and thrive are usually businesses that try to be innovative and show that they are willing to meet ever-changing consumer needs.
Business owners are rightly concerned about economic pressure, but amid the clamouring, don’t lose the message that consumers are sending: we will pay a little more if you give us what we want.
Bill Kelly is the host of Bill Kelly Show on AM 900 CHML and a commentator for Global News.