Visa has assessed the dramatic shift to digital commerce in response to the pandemic
Here’s how pandemic shifted consumers’ and SMBs’ behaviors. Source: unsplash.com
Visa has conducted a study revealing that 75% of small business owners are optimistic about the future of business.
According to data, 78% of the consumers have changed their payment method in order to reduce contact. Besides, 67% of SMBs have tried a new approach, including launching an e-commerce site or changing POS technology to keep their business on track.
Since safety became a major priority, 63% of consumers would switch to a new business that installed contactless payment options. Meanwhile, 48% wouldn’t shop at a store that only offers payment methods that require contact with a cashier or a shared device.
Along with that, 28% of SMBs have tried targeted advertising on social media, whereas 27% sold products or services online.
Another 20% have adopted contactless payments. One-third of SMBs report they have accepted less or stopped accepting, cash since COVID-19.
41% of Millennial SMB owners are significantly more likely to have accepted less or stopped accepting cash, compared to 31% of Gen X and 21% of Boomers.
We’ve reported that 56% of European respondents buy online three or more products per month during the pandemic.
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