Global Visa Study Finds 67% of Small Businesses and 78% of Consumers Have Adopted New Behaviors to Adjust to COVID-19
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.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
International AI Art Competition Enters Final Round30.9.2020 18:16:00 CEST | Press release
Ten finalists have been announced for AI Artathon, the first ever international AI Art competition held in Saudi Arabia. The finalists were revealed during a livestream event to showcase artworks created by the competitors using artificial intelligence tools and techniques. The three winning teams will be announced at the Global AI Summit on 22nd October, where they will share a prize of US$133,000. The AI Artathon is an initiative of the Global AI Summit, to highlight the creative potential of humans and machines working together to create innovative artworks. Twenty teams made up of artists, graphic designers, AI experts and programmers, competed in this stage of the competition, after qualifying during a hackathon held in Riyadh in January. Over 2,000 people from over 50 countries applied to participate in the hackathon, with 300 selected for the three-day event, where teams were formed to develop initial AI art concepts. Twenty teams were selected to take part in a bootcamp, where
VALBIOTIS Publishes Its 2020 Half-Year Results and Provides an Update on Its Global Strategic Partnership with Nestlé Health Science, its strong Financial Visibility and the Promising Advances in Its Pipeline30.9.2020 17:40:00 CEST | Press release
Regulatory News: VALBIOTIS (Paris:ALVAL) (FR0013254851 – ALVAL / eligible for the PEA/SME), a Research & Development company committed to scientific innovation for preventing and combating metabolic diseases, announces its results for the first half of 2020 and provides an update on developments since the beginning of the year. Sébastien PELTIER, CEO of VALBIOTIS, commented: "Events in the first half of 2020 have transformed our outlook and helped further boost our international recognition. With the signature of the development and marketing partnership for TOTUM-63 and the launch of the final clinical phase for this Nutrition Healthcare product, entirely financed by Nestlé Health Science, we have demonstrated the soundness of our development model. We are now moving confidently towards marketing and claim submission for TOTUM-63 and, thanks to a solid financial position, we are also working to apply this same model to the rest of our Nutrition Healthcare portfolio. At the head of the
Bittrex Global to Operate Cryptocurrency Exchange From Bermuda30.9.2020 17:16:00 CEST | Press release
Bittrex Global (Bermuda) Ltd. received a full Class F Digital Assets Business Act license to operate its acclaimed cryptocurrency exchange under the supervision of the Bermuda Monetary Authority (BMA). The Bermuda-based entity will provide Bittrex Global with an additional important gateway for global accounts. From its Bermuda hub, Bittrex Global (Bermuda) will offer additional digital asset services over time subject to further approval by the BMA, such as futures. “The entire crypto industry is about looking forward,” said Bittrex Global’s CEO Tom Albright. “Working with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry.” Bermuda Premier David Burt added “attracting Bittrex Global to Bermuda is a significant achievement. As one of the leading global exchanges, Bittrex Global’s choice of Bermuda for expanding their
GA Telesis Plans to Deliver Renewed Confidence in Air Travel Through its New Global Distribution Agreement with Honeywell for a State-of-the-Art UV Cabin Cleaning System30.9.2020 16:50:00 CEST | Press release
In an effort to help restore confidence to the flying public, GA Telesis, LLC, has teamed with Honeywell and entered into a distribution agreement to act as a global distributor for their UV Aircraft Cabin Cleaning system. This partnership is another step in the development of GA Telesis’Tarmac Solutions Group's ability to offer a fully comprehensive Specialized Tooling and Ground Support Equipment solution for airlines around the world. This cabin system utilizes Ultraviolet (UV) light to quickly traverse an aircraft cabin, galleys & lavatories in less than ten minutes. In addition to measures already being taken by airlines in flight like the use of cabin air exchange and HEPA filters, this new system, when properly applied, reduces certain viruses and bacteria on airplane cabin surfaces and can assist in creating a cleaner environment for passengers and crew after the airplane lands and before each flight. The UV cabin cleaning system is intended to help instill confidence to busine
Velodyne Lidar Announces Inaugural Trading on Nasdaq Global Select Market30.9.2020 15:31:00 CEST | Press release
Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced shares of its common stock and warrants have begun trading on The Nasdaq Global Select Market under the ticker symbols “VLDR” (common stock) and “VLDRW” (warrants). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200930005166/en/ Velodyne Lidar is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies, including revolutionary sensor and software solutions. (Photo: Velodyne Lidar, Inc.) Velodyne is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies, including revolutionary sensor and software solutions. These innovative technologies deliver performance, quality and flexibility to meet the needs of a wide range of industries such as autonomous vehicles and growing new markets. Currently, Velodyne serves the automotive industry with
97% of PeopleSoft Licensees Believe Current Releases Meet Their Needs30.9.2020 15:00:00 CEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of business software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today revealed significant findings from its recent survey of Oracle PeopleSoft licensees, which was conducted to better understand licensees’ software product and release roadmap strategies, current challenges and application support and operating plans. The survey highlights that an overwhelming 97% of respondents believe their current PeopleSoft releases meet all or most of their business needs. Further, many licensees are taking steps to maximize the value and extend the lifespan of their robust and mature current releases, including moving their PeopleSoft software to a cloud hosting platform, utilizing Application Management Services and switching their annual support to third-party support providers like Rimini Street. This press release features multimedia. View the full release
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom