According to Visa’s third installment of its global “Back to Business” study, 82 percent of small businesses had embraced digital technology to meet evolving consumer behaviors by the end of 2020.
Visa’s study, which surveyed 250 small business owners and 1,000 consumers globally, aimed to understand how shifting consumer behaviors have influenced small businesses, the world’s permanent shift toward digital commerce, and the resilience of so many small and micro business community through technology investments. In its survey, Visa found 37 percent of small business owners were most concerned about a continued shift in consumer behavior and almost 75 percent expressed concerns for health and safety issues continuing to keep consumers away in 2021.
“We can’t underestimate that there was a significant impact on small businesses around the globe because of COVID-19 and it’s heartbreaking and sad to see, but for those that have made the digital evolution have really rethought their business, we are finding that their optimism is actually up versus what we saw over the summer,” said Kevin Phalen, head of global business solutions at Visa. In fact, an astounding 82 percent of small business owners told Visa they are optimistic about the future of their business, with 42
Visa’s study, which surveyed 250 small business owners and 1,000 consumers globally, aimed to understand how shifting consumer behaviors have influenced small businesses, the world’s permanent shift toward digital commerce, and the resilience of so many small and micro business community through technology investments. In its survey, Visa found 37 percent of small business owners were most concerned about a continued shift in consumer behavior and almost 75 percent expressed concerns for health and safety issues continuing to keep consumers away in 2021.
“We can’t underestimate that there was a significant impact on small businesses around the globe because of COVID-19 and it’s heartbreaking and sad to see, but for those that have made the digital evolution have really rethought their business, we are finding that their optimism is actually up versus what we saw over the summer,” said Kevin Phalen, head of global business solutions at Visa. In fact, an astounding 82 percent of small business owners told Visa they are optimistic about the future of their business, with 42
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