How we help Small Businesses! 🛍️
For the last several decades there has been a decline in small business in the United States and this problem is only further exacerbated by the Covid-19 pandemic. Small businesses have been part of America’s backbone since the 1600 when people would trade crops; in the 1800s when the rise of the monetary system became mainstream so did small businesses; and the early 1900s when local shops would open such as grocers, hardware stores, tailors. The most significant rise of small businesses as we know them today occurred in the 1970’s and 1980’s as these businesses rose to face the competition of foreign business and proved their stability in the country. However, this positive trajectory has changed. Unfortunately, smaller businesses are always more vulnerable and impacted during the hard times . This was evident in the 2008 financial crisis, when small businesses really suffered in comparison to its big box store counterparts. Currently, a similar thing is happening where small businesses are negatively affected by the Covid-19 pandemic.
To understand the magnitude of people that are affected by this, it is important to note that “12.6 million people are employed by 1.7 million ‘mom and pop’ stores”. This large amount of the American population is what is at risk when small businesses are struggling to survive, and now even further devastated by the repercussions of Covid-19. According to Financial Times, “Tens of thousands of small businesses in the US” have become victims to the economic shock of the coronavirus pandemic.
Figure 1: Small business revenues initially declined ahead of expenses, but expenses declined more than revenues by the end of April
A solution that can help combat this issue, is to use the power of social media and the influence people have on one another to create social change. Drawing from the idea and the effectiveness of Instagram stories, in terms of spreading awareness, Showay can be the medium that does this.
Showay is an app that will combine social media with traditional fashion e-commerce. This app will allow people to shop online with friends.
The best thing about this app is the mission value behind it. The app is meant to be a medium that is what we call “Entrepreneurship for entrepreneurs”.
The brands on Showay will be carefully curated to support brands with strong mission statements. Through both customer interviews and research, the conclusion is that people like to shop, but what they like more is for their shopping to be doing social good at the same time. Similarly, in solidarity to equality and sustainability, Showay would find brands that represent that to highlight on the app.
This solution is both long term and scalable. It is long term because we live in an imperfect world and there are always people or problems that need a voice.
Showay can be that voice that helps them be seen. With Showay, people can shop smaller brands they wouldn’t normally come across, and they can have a good feeling when they purchase it that they have contributed to a great cause.
