It’s no secret that the Black community has tremendous buying power in the U.S. With this knowledge, entrepreneur Danielle McGee founded Black Business Boom, a platform where consumers can obtain discounts and coupons to small Black-owned businesses all in one place.
“I started Black Business Boom because Black-owned businesses typically have less access to funding, which consequently limits their ability to spend money on marketing,” McGee said in a statement. “Our platform is an affordable way for small business owners to generate revenue while attracting loyal customers.”
Customers can access the new platform through the mobile app Boomin’ or the website BlackBusinessBoom.com. Similar to Groupon, offers are based on location and provide loyalty rewards, special promotions and upcoming events. Black businesses can be a part of the platform at the low cost of $4.99 per month, while it’s free for consumers.
According to Nielsen, Black people make up 50% of overall spending in key product markets and spend $1.2 trillion annually on products, such as vegetables, grains, baby food and personal hygiene.
Out of the total $63 million spent on health, beauty and hair in the U.S., the Black community reserves a buying power of about $54 million of these expenditures. With that said, the challenge of circulating these dollars back into the Black community has been an ongoing discussion for Black-owned businesses. Black people represent 14% of the U.S. population.
“It’s not enough to motivate consumers to support Black-owned businesses through social movements,” said McGee. “It’s critical that Black business owners understand how to retain customers and have access to resources that will help them excel in today’s marketplace.”
The web-based platform is still growing, but currently offers deals in Atlanta, Boston, Chicago, Dallas, Hollywood, Houston, Memphis and Philadelphia. Coupon categories include Clothing, Health & Beauty, Home, Auto, Lifestyle, Activities and Professional Services.
