The Visa Back To Business Study
The Visa Back toBusiness StudyGlobal Small Business and Consumer InsightsPowering Recovery Through Digital and Contactless Payments Amidst COVID-19
Table of ContentsINTRODUCTIONSMALL BUSINESS FINDINGSCONSUMER FINDINGSREGIONAL HIGHLIGHTSCONCLUSION 2020 Visa. All rights reserved.Global Small Business & Consumer Insights3Going Digital and Contactless in the New Normal5The Road Ahead7Adopting New Habits11Brazil15Canada16Germany17Hong Kong18Ireland19Singapore20United Arab Emirates21United States22Building and Rebuilding Business for a Better Normal24Visa Back to Business Survey Methodology25
Global Small Business& Consumer InsightsThe Visa Back to Business Study SummaryMore than two-thirds (67%) of SMBs havetried a new approach to keep their businesson track and meet shifting consumerdemands since the onset of COVID-19.78% of global consumers have adjustedthe way they pay for items in the wakeof intensified safety concerns.The Visa Back to Business Study3
BY THE NUMBERSTHE VISA BACK TO BUSINESS SURVEYMETHODOLOGYSmall businesses need and deserve all of our support as their contribution tolocal communities and the global economy cannot be overstated. Helping SMBssucceed in the current climate means giving them the right tools, data andpeer-to-peer insights to endure the financial impact of COVID-19. The Visa Backto Business Study intends to guide SMBs on how to tap into trendsoutlined within the findings, while ensuring consumers know how theycan support this vitally important global community.2,000 SMBsThis shift to digital-first4,500 Consumerscommerce and technologieslike contactless payments has8 Marketsushered in a new generation ofBrazil, Canada, Germany,Hong Kong, Ireland, Singapore,UAE, and the U.S.consumer tendencies that willDID YOU KNOW?have a ripple effect on the globaleconomy for years to come.90% GlobalBusinessesSMBs account for more than 90% ofglobal businesses150-60%SMBs drive between 50-60% ofglobal employment11Source: The World Bank https://www.worldbank.org/en/topic/smefinanceThe Visa Back to Business Study4
Going Digital and Contactless inthe New NormalINSIGHT 1Safety First Means ContactlessIn every region, contactless payments have become a driving differentiator: nearlytwo-thirds (63%) of consumers would switch to a new business that installedcontactless payment options. For close to half of global consumers (46%), usingcontactless payment methods is among the most important safety measures for storesto follow. Nearly half (48%) would not shop at a store that only offers paymentmethods that require contact with a cashier or shared machine like a card reader.INSIGHT 2Revenue, Attracting Customers Are Top ConcernsGlobally, small business owners estimate at least six to 10 more challenging monthsbefore their business is fully operational, and 86% have overall concerns about the stateof their business in the next month. Their greatest immediate concerns includerevenue declines (52%), attracting new customers (46%), and having to reduce wagesor salaries (22%).INSIGHT 3Pivoting to a Digital-First MindsetMore than a quarter of SMBs (28%) have tried targeted advertising on socialmedia or sold products or services online (27%). Another 20% have adoptedcontactless payments. One-third (33%) of small businesses report they have acceptedless or stopped accepting cash since COVID-19. Millennial small business owners(41%) are significantly more likely to have accepted less or stopped accepting cash,compared to Gen X (31%) and Boomers (21%).INSIGHT 4SMB Optimism vs. Consumer RealitiesDespite the unpredictable nature of the pandemic, 75% of SMBs are optimistic aboutthe future, and 71% of global SMB owners claim they have received recovery supportfrom their local communities. Consumer support of locally owned businesses couldbe improved to support this high optimism, as just 9% of consumers say they shopexclusively at locally owned businesses whereas 15% shop exclusively at larger retailers,with a large mix of combined approaches falling in between these two extremes.The Visa Back to Business Study5
Consumers are puttingCOVID-19 safetymeasures at the top oftheir shopping lists andrewarding businessesthat do the same.”Suzan Kereere,Responsible for merchants globally at VisaThe Visa Back to Business Study6
The Introduction for theThe Road AheadVisa Visual Survey ReportSmall Business Study FindingsThree in four (75%) SMBs are optimistic about the future oftheir business, while maintaining a realistic view around howlong it may take to regain their footing, especially to reachpre-COVID-19 levels. SMBs estimate it will be an average ofseven months before their business is back to being fullyoperational. Millennials see their businesses as being fullyback in action sooner, estimating six months, compared toseven months for Gen Xers and nine for Boomers.GloballyKEY CONCERNSHong KongBeyond the need to consider shifting their approach to business, there are other keychallenges that SMBs will face in the coming weeks and months as concerns aroundCOVID-19 continue. The greatest concerns for small business owners in the nextmonth are not having the same revenue as they did before COVID-19 (52%),attracting new customers (46%) and having to reduce wages or salaries (22%).60%SMBS’ GREATEST CONCERNSIN THE NEXT MONTHNOT HAVING THE SAME REVENUE ASTHEY DID BEFORE COVID-1952%ATTRACTING NEW CUSTOMERSGlobally46%HAVING TO REDUCE WAGESOR SALARIESGloballyBALANCING CHALLENGESThe unpredictability about virtually every matter associated with COVID-19 is unsettlingfor business owners who depend on projections and forecasts. The biggest operationalchallenges SMBs are facing are shifting consumer behavior (35%), balancing challengesin their life with their business challenges (28%) and keeping their employees safe andhealthy (27%).22%Singapore29%The Visa Back to Business Study7
Small Businesses Take ActionTo fuel their recovery, SMBs are counting on their ability to be nimble in their responseto their communities’ rapidly changing needs. More than two-thirds (67%) of SMBshave tried a new approach to keep their business on track since the start ofCOVID-19. More than a quarter (28%) have started to do targeted advertising onsocial media, followed by sold products or services online (27%), allowed contactlesspayments, like mobile or tapping a card (20%) and offered home delivery (20%).More than two-thirds (67%) of SMBs havetried a new approach to keep their business ontrack since the start of COVID-19.FAMILIAR LOOKYounger SMBs are more likely to identify with these primarily digital-first changesbecause they largely align with the behaviors that they themselves enjoy in theirpersonal lives. Millennial SMBs (84%) are significantly more likely to have tried one of themeasures outlined above, compared to Gen X (63%) or Boomer SMBs (40%).WORTH A TRYAnd the bigger the company, the more likely they are to try to maintain ties withtheir customers in the community. Businesses with 11 employees are significantlymore likely to have taken measures for the first time since the start of COVID-19 (90%),compared to those with 6-10 (74%), 2-5 (70%), 1 (47%) and 0 (36%) employees.With the global focus on safety and hygieneduring COVID-19, transactions involving cash havecome under even greater scrutiny. A third (33%)of SMBs report their business has accepted less orstopped accepting cash since COVID-19.41%Millenial SMBs that accepted less or stoppedaccepting cash since COVID-1931%Gen X SMBs that accepted less or stoppedaccepting cash since COVID-19Introducing Safer Ways to PayPASSING ON CASHWith the global focus on safety and hygiene during COVID-19, transactions involvingcash have come under even greater scrutiny. A third (33%) of SMBs report theirbusiness has accepted less or stopped accepting cash since COVID-19.CATCHING ONYounger generations have been trying to nudge the rest of their community towarddigital and contactless payment methods for years, and efforts to stem the spread ofCOVID-19 have accelerated this cause. Millennial SMBs (41%) are significantly more likelyto have accepted less or stopped accepting cash since COVID-19, compared to Gen X(31%) and Boomer SMBs (21%).LAGGING BEHIND21%Boomer SMBs that accepted less or stoppedaccepting cash since COVID-19Some SMBs should consider making more changes to their businesses in order tothrive in today’s new normal, especially as it relates to digital acceleration. A highnumber of SMBs without an online presence have also continued to accept the sameamount of cash as before COVID-19 (51%).The Visa Back to Business Study8
THE TOP CONCERNS ABOUT SHIFTING THEIRBUSINESS TO ONLINE OR INCREASING ITSONLINE PRESENCE ARE:32%Data privacy and security31%Less personal connection with customers28%Cost to invest in digital infrastructureUnderstanding the Local Response to aGlobal ChallengePAYING IT FORWARDWhile small businesses continue to be heavily impacted by the COVID-19 outbreak,many are standing firm, thanks in part to their community. In fact, a vast majority (71%)of SMBs have found their local community to be “supportive” of their businessand more than a third (35%) of SMBs said their local communities have been“extremely” or “very supportive” of their business.Digital DoubtsDespite living in the Digital Age, many SMBs are not taking full advantage because theyare wary of issues more commonly associated with big businesses. The top concernsabout shifting their business to online or increasing its online presence are data privacyand security (32%), followed closely by less personal connection with customers (31%)and cost to invest in digital infrastructure (28%). About three in four (74%) SMBs haveconcerns about shifting or increasing online presence.BUSINESS MOVESMore than half (53%) of SMBs are likely topurchase a fraud management tool/solutionto help protect their business and customerdata from being stolen due to the shift todigital and remote commerce.In their personal lives, Millennials live online. However, their experience as a digital-firstconsumer doesn’t necessarily translate to making them comfortable establishing adigital foothold for their own business.More than four in five (82%) Millennial SMBs are significantly more likely to haveconcerns about shifting or increasing their businesses’ online presence, compared toGen X (74%) and Boomer SMBs (58%).ON GUARDMore than half (53%) of SMBs are likely to purchase a fraud management tool/solutionto help protect their business and customer data from being stolen due to the shift todigital and remote commerce.PEACE OF MINDTechnology-driven younger SMBs are keenly aware of the value of data security. Morethan three in five (63%) Millennial SMBs are likely to buy a fraud managementtool/solution, compared to Gen X (52%) and Boomer SMBs (36%).The Visa Back to Business Study9
71%of SMB owners saysupport from theirlocal community hasbeen critical to theirrecovery efforts.The Visa Back to Business Study10
AdoptingNew HabitsConsumer Study FindingsYour money or your health? In a world previously driven byprice, shoppers are now putting COVID-19 safety measuresat the top of their shopping lists and they will reward storesthat do the same. In fact, if all other factors were equal (price,selection, location), nearly two-thirds (63%) of consumerswould switch to a new store that installed contactlesspayment options.For many shoppers,a store that doesn’thave a contactlesspayment method is astore that doesn’t gettheir money.From their everyday shopping to big-ticket purchases, consumers want to be able tocomplete their transactions in the safest way possible. The kinds of stores they wouldswitch to include grocery stores (46%), gas stations or convenience stores (31%),clothing or apparel stores (31%) and electronics or appliance stores (26%).NO SALEFor many shoppers, a store that doesn’t have a contactless payment method is a storethat doesn’t get their money. Nearly half (48%) of consumers wouldn’t shop at astore that only offers payment methods that require contact with a cashier orshared machine like a card reader.The Visa Back to Business Study11
NO CONTACTAnd it would appear that contactless options for payment is here to stay. More thanhalf of Millennials (56%) are more likely to avoid shopping at a store that onlyoffers payment methods that require contact, compared to Gen Xers (44%) andBoomers (38%).MAXIMUM EFFORTNearly four in five (78%) consumers havemade changes to the way they pay for itemsdue to COVID-19.Consumers expect that stores are doing everything possible to make their shoppingexperience a safe one. In fact, consumers feel disinfecting the checkout area after everycustomer (49%) and using contactless payment methods (46%) are among the mostimportant safety measures for stores to follow.A Quick Change with a Long ImpactShoppers may someday again be more motivated by best prices, but the outbreakand concerns for safety have suddenly shifted their focus to stores’ best practices.Nearly four in five (78%) consumers have made changes to the way they pay for itemsdue to COVID-19, including shopping online whenever possible (49%), usingcontactless payment (48%) and not using cash as much (46%).A vast majority (70%) of consumers have useda new shopping or payment method for thefirst time since the start of COVID-19, including26% who have used tap-to-pay technology forin-store purchases.NEW APPROACHESMany consumers turned to technology for shopping workarounds as a result ofCOVID-19. A vast majority (70%) of consumers have used a new shopping or paymentmethod for the first time since the start of COVID-19, including 26% who have used tapto-pay technology for in-store purchases. Other changes include shopping for groceriesor household items online (34%), ordering food with curbside restaurant pick-up (28%)and buying online or mobile rather than picking up in store (25%).TEST DRIVESAlways on the lookout for hacks to enhance their lives, younger consumers foundCOVID-19 provided an opportunity to experiment. Millennials (82%) and Gen Xers(69%) are more likely to have used a new shopping or payment method thanBoomers (55%) for the first time since the start of COVID-19.LOCKING INAnd those who were using payment methods that they liked pre-COVID-19 havecome to rely on them even more. Since the start of the COVID-19 outbreak, 88% havebeen using some payment method more often than they did at the start of the year.The most often cited are using swipe or insert chip (40%), contactless card using tap(39%) and mobile payment (35%).The Visa Back to Business Study12
AMONG THOSE WHO HAVE OPTED FOROTHER PAYMENT METHODS SINCE THESTART OF COVID-19CASHING OUTThe emphasis on containing the spread of the virus has led to cash transactions fallingout of favor. Among those who have not been using cash more often since the start ofCOVID-19, more than three in five (62%) have used cash less and one in eight (12%)have stopped using cash completely.BREAKING HABITSHopefully, older consumers — members of the generation most vulnerable toCOVID-19 — will begin to follow the lead of younger consumers. Gen Xers (66%) andMillennials (64%) are less likely to use cash, compared to Boomers (56%).More than three in five (62%) haveused cash less.CLEAN STARTConsumers making card payments are not letting their guard down about thetransmission of the virus. Among those who use a credit or debit card, two-thirds(67%) are taking measures to keep their card clean, including using disinfectanton it (33%), wearing gloves while using it (23%) and wiping it off with a cloth orshirt after use (22%).Personalized and Local SupportOne in eight (12%) have stopped using cashcompletely.Shoppers’ safety is a shared responsibility and some cardholders are leaving little tochance. Those who would shop at a store that only offered payment methods thatrequire contact (82%) are significantly more likely than those who wouldn’t (55%) totake measures to keep their card clean.Consumers’ concern for safer commerce is giving locally owned SMBs as much of anopportunity to earn their business as larger retailers. Since the start of COVID-19, aquarter (25%) of consumers have shopped the majority of the time at locallyowned businesses and three in ten (30%) have shopped at an equal mix of locallyowned businesses and larger retailers.CLOSE TO HOMECOVID-19 has also brought out a sense of community, giving consumers even moreincentive to support their friends and neighbors. For the majority of Americans, the topreason to shop at a locally owned business is to support the local economy (51%). Othertop reasons include the stores being closer or more convenient (48%), the prices beingbetter (27%) and better customer service (24%).The Visa Back to Business Study13
The global economywon’t bounce backuntil small businessesbounce back.”Mary Kay Bowman,Responsible for building Visa productsused by SMBs around the worldThe Visa Back to Business Study14
BrazilSmall Business Report FindingsA SIGN OF HOPE AMIDST CRISISTOP CONCERNSAn overwhelming majority (84%) of small businesses (SMBs) in Brazil areoptimistic about the future of their business, compared to 75% globally.Nearly three in four (73%) SMBs in Brazil have also found their localcommunity to be supportive of their business.Brazilian SMBs’ greatest concerns in the nextmonth are:64%attracting new consumers (vs. 46% globally)KEEPING UP WITH CHANGESimilarly, a vast majority (84%) of SMBs in Brazil have tried anew approach to keep their business on track since the start ofCOVID-19, much greater than 67% globally who have done thesame. These measures include selling products or services online(50% vs. 27% globally), using targeted advertising on social media(50% vs. 28% globally), offering home delivery (33% vs. 20%globally) and allowing contactless payments like mobile or tappinga card (30%).51%not having the same revenue as they didbefore COVID-1923%having to close down (vs. 17% globally)18%falling behind competitors who areadjusting betterConsumer Report FindingsCONTACTLESS IS KEYCHANGE IS HEREThree-fourths (75%) of Brazilian consumers would switch to a newstore that installed contactless payment offerings, significantlymore than 63% globally. In fact, nearly three in five (57%) Brazilianconsumers consider using contactless payment methods among themost important safety measures for stores to follow, significantlygreater than the 46% globally who consider this important.Nearly three in four (73%) Brazilian consumershave made changes to how they pay for itemsdue to COVID-19, including:Among those who use a credit or debit card, an overwhelmingmajority (87%) of Brazilian consumers are taking measures to keep theircard clean, significantly more compared to 67% globally, includingusing disinfectant (32%), isolating the card when not in use (31% vs.19% globally) or wiping it off with a cloth or a shirt after use (26%).56%shopping online whenever possible43%using contactless payments42%not using cash as muchThe Visa Back to Business Study15
CanadaSmall Business Report FindingsSTAYING POSITIVETOP CONCERNSDespite the unpredictable nature of COVID-19, almost four in five(77%) small businesses (SMBs) in Canada are optimistic about thefuture of their business, with two-thirds (67%) saying they have foundtheir local community to be supportive of their business. Yet, in theface of this optimism, Canadian SMBs estimate it will be an average of10 months before their business is back to being fully operational, thelongest of all markets surveyed.Canadian SMBs’ greatest concerns in the nextmonth are:SHIFTING APPROACHattracting new customers52%not having the same revenue as they didbefore COVID-1938%To keep up with rapidly evolving consumer demands, more than twoin five (44%) SMBs in Canada have tried a new approach to keep theirbusiness on track since the start of COVID-19. Additionally, more than aquarter (26%) of SMBs in Canada report
Global Small Business & Consumer Insights The Visa Back to Business Study Summary COVID-19 has disrupted the global economy and affected communities in every corner of the world. It has changed the very way we live, work, and how and what we buy, while forcing millions of small and micro businesses (SMB) to find new ways to operate.
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