Investment from Amazon comes as small businesses report saving money and staying within budget as top purchasing priorities, according to new poll data
Amazon (NASDAQ: AMZN)–Today, Amazon Business, the Amazon business procurement storefront, kicked off its second annual Small Business Month with the announcement of its 2023 Small Business Grants, designed to spur innovation and support the growth of small businesses that are driving impact in their local communities. Amazon Business also released findings from a new poll of small-business decision-makers, which paint a picture of optimism and resilience in the face of a challenging economic climate.
According to the poll of small-business decision-makers across the United States, the top three challenges small-business decision-makers say are keeping them up at night are high inflation (63%), economic recession (39%), and supply chain disruptions (30%). While contending with these challenges, small businesses are heavily focused on financial resilience. Finding ways to save money and staying within budget (both at 61%) are the two most important purchasing priorities for them in the next 12 months. Even with the challenges they’re facing, small-business decision-makers remain optimistic. More than half (55%) of respondents say they feel more hopeful about the success of their business than they did a year ago.
Small businesses also are looking for ways to drive future growth. They see streamlining business purchases as a way to do so. While product prices will continue to be a key factor in reducing costs and driving growth, small-business leaders also are looking at how easily they can find the products they need, alongside how convenient the purchasing process is to improve efficiency.
- 91% say the ability to find items that are within their price range is a key factor in growing their businesses long term.
- 88% say the ability to easily find items they need is a key factor in growing their businesses long term.
- 90% say the ability to easily purchase items they need is a key factor in growing their businesses long term.
“Our small-business customers face unique challenges and are operating with more limited resources—every dollar and minute they save helps them focus their energy on growing their businesses," said Todd Heimes, director of Amazon Business Worldwide. "With Amazon Business, small businesses get the selection and convenience of Amazon, alongside powerful tools that help them make buying decisions that drive towards their business goals, automate the procurement process, and save money with business pricing."
Continuing its investment in the success of small-business customers, Amazon Business launched its Small Business Grants to empower small-business growth. This year, Amazon Business will give eligible small businesses in the U.S. the chance to win more than $250,000 in grants. Existing Amazon Business customers with annual revenues of $1 million or less can apply for a grant, with one grand-prize winner, a group of finalists, and semifinalists receiving monetary grants, Business Prime memberships, select Amazon devices, and more. Applications are due by May 21, and winners will be announced on July 17. For additional information and to apply, visit this page on Amazon Small Business Grants.
Virtual X Kitchen, based out of College Park, Maryland, was a 2022 grant finalist, receiving $20,000 to put into its business. The small business aims to create a sustainable restaurant model for urban areas by maximizing kitchen space for multiple owners to share and using the newest technology to streamline the ordering process. They used the grant money to fund branding initiatives to raise awareness of the company.
“We are so grateful for the opportunity that the Small Business Grant has provided our business,” said Naumaan “Nomie” Hamid, CEO and founder. “Thank you to everyone that voted! It has been amazing to see how far Virtual X Kitchen has come since our launch a little over a year ago, and we can't wait to see how far it will go.”
To learn about the 2022 grant winners and how they used their awards, visit the 2022 recipients page.
“At Amazon Business, we are committed to the growth of small businesses and invest in education, grants, and tools to help them overcome challenges they face, and free up time and resources to focus on their mission and customers,” said Heimes. “I am particularly passionate about our Small Business Grants. Small businesses are the backbone of our economy and when they succeed, we all succeed.”
Amazon Business asked 500 small-business decision-makers in the U.S. about their online purchasing patterns, the challenges and opportunities impacting purchasing processes, and the broader landscape for small businesses. All respondents are 18 years or older, work at a business making $25 million or less in annual revenue, are involved in their company’s supply purchasing efforts, and are currently full-time (61%), part-time (7%), or self-employed (32%).
About Amazon Business
Amazon Business helps millions of customers worldwide—from small businesses, schools, hospitals, nonprofits, and government agencies to large enterprises with global operations—reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. Procurement and business leaders enjoy convenient shipping options on hundreds of millions of supplies across categories like office, IT, janitorial, food service, and professional medical supplies. Customers also have access to a variety of business-tailored features and benefits, including a curated site experience, Business Prime, business-only pricing and selection, single- or multi-user business accounts, approvals workflow, purchasing system integrations, payment solutions, tax exemptions, and dedicated customer support. Amazon Business is currently available in the United States, Canada, the United Kingdom, Germany, France, Italy, Spain, Japan, and India. For more information, visit business.amazon.com, www.amazonbusinessblog.com, and @AmazonBusiness.