2021 is going to a create the perfect conditions for black UK business to grow at a rate never seen before. You will be mistaken if you think Coronavirus and Brexit are going to slow down black entrepreneurship.
In mid 2020, heavyweight world champion Anthony Joshua called for people to “invest in black-owned businesses” and the message has really hit home with movements like the launch of ‘Black Pound Day’. Initiatives like Black Pound Day are making the focus on Black-owned businesses official. There are also some amazing groups on Facebook such ‘Support UK Black-owned Business’ and ‘Black Owned Economy‘ all advocating for the advancement of black-owned businesses.
We have highlighted ‘Five reasons why 2021 is the year for black businesses in the UK‘.
1. Black online businesses are filling a gap
The COVID pandemic has shifted e-commerce in 2020, maybe more than any other time in history. Traditional retail sales have declined due to the lock downs and consumer confidence in high street shopping. Black online businesses providing uniquely black products are filling various gaps that are opening up due to consumer behaviour changes.
2. Trends are changing in black hair & beauty
Talking about uniquely black products, the biggest mover in black UK business has been UK black owned hair products. Black women in the UK are embracing more natural looks and purchasing locally sourced, organic hand made products. Examples of businesses meeting this demand include The Afro Hair & Skin Co., Natural I Am and Von Botanicals.
This demand has led to a growth in new UK startups catering entirely for black and mixed race clientele. This trend has also enter the world of black cosmetics but that is a whole conversation by itself.
3. Black entrepreneurs master social-media marketing
Instagram. Facebook. LinkedIn. Pinterest. Twitter, Snapchat. Black entrepreneurs have been able to utilise various social media sites to promote their brands, products and services. By mastering social-media marketing, these businesses owner have mastered:-
- Brand awareness. Savvy black entrepreneur are working hard to create brand presence on social media platforms to find potential customers and generate new business. With the sheer volume of people using social media today, social media platforms are the perfect place to promote a brand’s story and help people get a better feel for the business.
- Brand loyalty. Social media gives brands an unparalleled opportunity to join in conversations and engage with their customers. When executed properly and consistently, these interactions pave the way for brand loyalty. While it still takes time to earn customer loyalty, social media engagement can help businesses build that trust more quickly.
- Customer insights. With more black consumers shopping online, a tremendous amount of important customer data is being collected on social media platforms by black entrepreneurs. Through social listening and engaging with followers, black owned businesses are able to engage with prospective customers in ways not possible before.
4. Afro-Caribbean food sees increase in demand
The last ten years has seen a rise in demand for authentic Afro-Caribbean food. The big four supermarkets in the UK, Tesco, Asda, Sainsbury’s and Morrisons have taken advantage of this with more stores across the UK are adding or expanding their Afro-Caribbean isles.
This trend has shifted online with new black food products making their way into online baskets. Following the Tropical Sun boycott, black consumers in the UK have become more conscious in regards to the brands they purchase. This has driven a rise of small businesses to enter various markets.
5. Black women are taking their seat at the table
In the past, when it came to securing finance for startups, black women in the UK often faced the double whammy of racism and sexism. Times have changed and launching a start-up has never been easier. Black women are finding new resources that are equipping them with the tools need to succeed.
Why is it important to support black businesses?
Supporting black businesses in the UK is beneficial for everyone. For one, it stimulates the UK economy generating millions for the treasury. Secondly and most importantly, it allows new products to enter the market and drives competition. Variety is the spice of life and having new products and services is beneficial for all of us.