The Number One Thing Every Small Business Can Do To Thrive Now

Kevin Phalen, VISA’s head of global business solutions, says that even the smallest businesses now have the capabilities and tools to embrace digital transactions, a key to keeping safety-conscious customers coming back during the pandemic. VISA

If you want to survive and thrive in a small business during the pandemic, the number one thing you can do is to pivot to a digital-first mindset. 

That’s the upshot of the VISA Back to Business Study, which looks at how consumers and small businesses—from tiny one-person ventures to job-creating employers—are adapting to the current business environment by embracing digital payments. 

“Consumers are really demanding it, and small businesses are saying I have to support that going forward,” says Kevin Phalen, VISA’s head of global business solutions. “Those that have taken this as an opportunity will survive and thrive.”

VISA surveyed 4,500 consumers and 2,000 small businesses in eight countries—the U.S., Canada, Brazil, Germany, Ireland, Hong Kong, Singapore and the U.A.E.—from June 18 to June 29.

What’s clear from the data is that consumers are changing their behavior to embrace digital payment methods to stay safe from COVID-19. Businesses that adapt how they accept payments accordingly will have an opportunity to build stronger relationships with their customers. This applies to even the tiniest, one-person ventures.

Here are some of the key findings on consumer behavior:

·      Nearly half of global consumers (46%) said using contactless payment methods is among the most important safety measures for stores to follow. 

·      Nearly half of global consumers (48%) say they won’t shop at a store that only offers payment methods that require contact with a cashier or a shared device.

·      78% of consumers have changed the way they pay, including shopping online when possible (49%), using contactless payments (48%) and not using cash as much (46%). 

·      70% of consumers have used a new shopping or payment method for the first time. Among them:

–       26% have used tap to pay for in-store purchases, shop for groceries or buy household items online 

–       34% have tried curbside restaurant pick-up  

Read more: forbes