The Ledger: Small businesses adapt

Data shows that the pandemic has caused small business owners to adopt new trends. Visa’s annual report reveals that they’re adapting to the times, with many optimistic for the future.

Small business adaptation infographic
Click to enlarge

 

Has your small business adjusted the way it operates in the past three months?

SUMMER 2020: 67% said yes

WINTER 2020: 82% said yes

 

How did your small business change?

  • Selling products/services online: 43%
  • Accepting contactless payments: 39%
  • Targeted advertising on social media: 38%
  • Digitized back-end functions: 30%

 

What technology is your small business investing in?

  • Security and fraud management software: 47%
  • Contactless or mobile payment acceptance: 44%
  • Ability to accept payment via mobile or untethered point of sale (POS): 41%
  • Allowing installments of online payments: 36%
  • Digitizing business functions: 31%

 

Are you optimistic about the future of your small business?

42% are very optimistic

40% are optimistic

18% are less than optimistic

 

Source: Visa Back to Business Study 2021 Outlook