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Here’s how pandemic shifted consumers’ and SMBs’ behaviors

Aug 05, 2020

Visa has assessed the dramatic shift to digital commerce in response to the pandemic

Visa

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.

Consumers are putting COVID-19 safety measures at the top of their shopping lists and rewarding businesses that do the same. 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
Suzan Kereere, global head of merchant sales and acquiring, Visa

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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