Global Visa Study Finds 67% of Small Businesses and 78% of Consumers Have Adopted New Behaviors to Adjust to COVID-19
04 Août 2020 - 9:01AM
Business Wire
Visa study finds 75% of small business owners
are optimistic about the future of business, amidst differing
levels of consumers who are “supporting small”
As small and micro businesses (SMBs) worldwide continue to
endure the financial impact of COVID-19, one thing is clear:
rethinking the checkout or point-of-sale (POS) experience is
essential for survival on Main Street. Visa (NYSE: V) today
released the Visa Back to Business study assessing this dramatic
shift to digital commerce in response to the pandemic, driven
largely by changing consumer expectations for a safe and touchless
payment moment. According to the eight market study of both
consumers and SMBs, nearly eight-in-10 consumers worldwide (78%)
have changed how they pay in order to reduce contact and more than
two-thirds of SMBs (67%) have tried a new approach – whether
launching an eCommerce site or changing POS technology – to keep
their business on track.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200804005389/en/
Visa Back to Business study finds 67% of
small businesses have tried something new to stay on track amidst
COVID-19 (Graphic: Business Wire)
“Consumers are putting COVID-19 safety measures at the top of
their shopping lists and rewarding businesses that do the same,”
said Suzan Kereere, global head of merchant sales and acquiring,
Visa. “Historically, we see behavior change at the point of sale as
a gradual shift over time. But, COVID-19 has created an immediate
need for safer, more efficient shopping experiences both on and
offline and consumers are responding by rapidly migrating to
digital commerce. We want small businesses to know that Visa is
here to help them navigate these new consumer needs and
expectations, which will make their businesses stronger now and in
the long run.”
Additional findings from the Visa Back to Business study
conducted in the U.S., Brazil, Canada, Germany, Hong Kong, Ireland,
Singapore and UAE include:
Consumers Now Expect Digital-First
Commerce
- Safety first means touchless: In each market surveyed,
contactless payments have become a driving differentiator: nearly
two-thirds (63%) of consumers would switch to a new business that
installed contactless payment options. For close to half of global
consumers (46%), using contactless payment methods is among the
most important safety measures for stores to follow. Nearly half
(48%) would not shop at a store that only offers payment methods
that require contact with a cashier or a shared device.
- SMB optimism vs. consumer realities: Despite the
unpredictable nature of the pandemic, 75% of SMBs are optimistic
about the future. Additionally, 71% of global SMB owners say they
have received support from their local communities, with the most
coming in the form of business referrals (33%) and favorable
reviews (31%). An area for improvement: where consumers shop, as
just 9% of consumers say they shop exclusively at locally owned
businesses, whereas 15% shop exclusively at larger retailers, with
a large mix of combined approaches falling in between these two
extremes.
- New normal means new habits: Nearly four in five (78%)
consumers have made changes to the way they pay, including shopping
online when possible (49%), using contactless payments (48%) and
not using cash as much (46%). A majority (70%) of consumers have
used a new shopping or payment method for the first time, including
26% who have used tap to pay for in-store purchases, shopping for
groceries or household items online (34%), curbside restaurant
pick-up (28%) and buying online then picking up in store
(25%).
Small Businesses Take Action, Amidst
Real Challenges
- Long-term outlook and top concerns: Globally, SMB owners
estimate at least six to 10 more challenging months before their
business is fully operational. Their greatest immediate concerns
include revenue declines (52%), attracting new customers (46%) and
having to reduce wages or salaries (22%).
- Pivoting to a digital-first mindset: More than a quarter
of SMBs (28%) have tried targeted advertising on social media or
sold products or services online (27%). Another 20% have adopted
contactless payments. One-third (33%) of SMBs report they have
accepted less, or stopped accepting, cash since COVID-19.
Millennial SMB owners (41%) are significantly more likely to have
accepted less or stopped accepting cash, compared to Gen X (31%)
and Boomers (21%).
- On guard against fraud: More than half (53%) of SMBs are
likely to purchase a fraud management solution to help protect
their business due to the shift to digital commerce.
Regional Insights: Tackling Challenges
and Card Cleanliness
- Pivoting with new approaches: In the United Arab
Emirates (UAE), 44% of SMBs – compared to 20% globally – have
enabled contactless payments for the first time since the start of
COVID-19. Nearly 94% of UAE SMBs have pivoted to keep their
business on track, compared to 67% globally. SMBs in Brazil (84%)
and Hong Kong (87%) also are trying new approaches in large
numbers, including selling online (50% in Brazil compared to 27%
globally).
- Swipe? Then wipe: Two-thirds (67%) of consumers say they
are taking some measure to keep their payment cards clean, with 33%
saying they disinfect them. An overwhelming majority of UAE (89%)
and Brazilian (87%) consumers are taking some measures to keep
their card clean, whereas Singaporean (50%), German (53%), Canadian
(60%) and Hong Kong (65%) consumers fell below the global
average.
The Visa Back to Business study is the latest in a series of
Visa initiatives to provide SMBs with the tools and resources they
need to rebuild, or newly build, stronger businesses. More
information on the programs and solutions Visa has made available
to SMBs – ranging from its commitment to digitally-enable 50
million SMBs around the world and the IFundWomen grant program for
U.S-based Black women-owned small businesses – are available on the
Visa Small Business Hub and the Visa Small Business COVID-19 relief
site.
Methodology: Visa Back to Business Study
The Visa Back to Business study was conducted by Wakefield
Research between June 18 and June 29, 2020, among 250 small
business owners at companies with 100 employees or fewer in the
U.S., Brazil, Canada, Germany, Hong Kong, Ireland, Singapore and
UAE. Separately, the consumer portion of the survey was conducted
by Wakefield Research between June 12 and June 29, 2020, among
1,000 Adults ages 18+ in the US, and 500 Adults ages 18+ in Brazil,
Canada, Germany, Hong Kong, Ireland, Singapore and UAE. The data
was weighted to ensure an accurate representation of adults ages
18+ in each market.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device,
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200804005389/en/
Caylah Novak cnovak@visa.com 831-431-3454
Visa (NYSE:V)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Visa (NYSE:V)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024