Understanding and adjusting to evolving consumer demands is the key for businesses to stay relevant.
More than half of consumers would switch to businesses that offer contactless payment options in the wake of COVID-19 pandemic, according to Visa’s latest study. Around 46% of consumers believe retailers should prioritise contactless payment methods, while 48% said they would refuse to shop at stores that do not offer such payment options.
Visa’s Suzan Kereere said, “Consumers are putting COVID-19 safety measures at the top of their shopping lists and rewarding businesses that do the same.” Though small businesses recognise the challenges ahead, they remained positive about the post-COVID world.
The revenue decline was among the biggest concerns for retailers, followed by challenges around attracting new customers. Despite the difficulties around changing consumer behaviour and payment options, 75% of small business owners remain optimistic about the future.
[3 minute read]