#BuyBlack and the shift to e-commerce
The pandemic changed everything for businesses, often exacerbating existing challenges for Black owners. But the shift toward online shopping presents a massive opportunity, writes J.P. Morgan’s Alton McDowell in AfroTech.
The pandemic hit Black-owned businesses especially hard. They closed at a higher rate, had less access to financial relief and were less prepared to manage COVID-19 disruptions.
But the #BuyBlack movement is stronger than ever, and the shift toward online shopping presents a massive opportunity for Black-owned businesses.
Alton McDowell, Co-Head of Technology and Disruptive Commerce for J.P. Morgan Middle Market Banking & Specialized Industries, writes in AfroTech about the exploding e-commerce trend and the strategies Black-owned businesses can use to drive growth. Among McDowell’s suggestions:
- Develop a loyalty program to increase customer engagement
- Communicate the company’s mission and purpose
- Consider international expansion