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Digital transformation is happening now, and it's happening fast! Consumers are motivated to buy from businesses that offer convenient and easy shopping experiences like the ability to shop both in-store and online, use digital payments, and keep up with their favorite products and services online. As commerce is going through a transformation, businesses are looking at digital solutions to help improve sales, obtain new customers, and reduce costs.
This presents opportunities for small and medium size businesses (SMBs), as few SMBs are selling online and taking advantage of the available digital tools and services. To assist SMBs, Visa partnered with a consortium of trade associations, technology providers, banks, and researchers to answer the question:
Do SMBs need to transform digitally to prosper in this environment, and if so, how can they start?
Say they would prefer to shop exclusively online
Mention that digital-related benefits such as an easy-to-use website and a digital loyalty program are motivating factors when deciding where to shop
Rank a digital payment method, such as paying with a card or mobile device, as their #1 preferred payment option
Learn more by downloading Digital Transformation of SMBs.
Understanding how consumers discover businesses can help you attract new and existing customers. Research shows that consumers prefer using digital channels such as a business website or social media when determining where to shop. Setting up and promoting your business online may help consumers find and do business with you.
Search online and/or check the business website before visiting a new business
Plan to increase their online purchases in the next 5 years, while 78% of consumers plan to decrease or keep their in-store purchases the same
Say they are motivated to shop at a business that has an easy-to-use website
Prefer to be contacted through a digital channel, such as e-mail or social media
This presents an opportunity as currently less than half of SMBs conduct business online.
If you don't currently have a website, the following are key steps to consider to help you get started:
Once your website is launched, consumers can start visiting your page. Here are some ways to promote your website:
An online marketplace is a third-party website that lets businesses post their products for potential buyers to see and purchase. Here are some considerations to keep in mind:
There are several digital marketing tools you can use to promote and market your business, including:
Learn more by downloading Digital Transformation of SMBs.
A positive customer experience may help to bring in more customers, increase sales, and create customer loyalty. Digital tools and services that simplify the shopping experience are important motivating factors for consumers when deciding where to shop. Offering such benefits can motivate consumers to do business with you.
Consumers’ top motivating preferences include:
*Based on retail, includes drugstores and groceries
When evaluating tools and services to offer customers you can:
Loyalty programs can help encourage customers to visit and return to your business. Some guidelines for creating a loyalty program:
Learn more by downloading Digital Transformation of SMBs.
Based on a recent survey, SMBs reported that accepting digital payments increases their business's productivity and revenue and reduces expenses:
Increase in revenue SMBs reported after accepting digital payments1
As reported by SMBs surveyed, the average cost of processing digital payments, inclusive of direct expenses and labor costs, compared to processing non-digital payments2
Showing welcomed acceptance for digital payment methods can help shift more volume towards digital payments and potentially impact your business's bottom line.
Would choose to shop solely with their card
Dislike shopping at businesses that require minimums or surcharges for digital payment purchases
Agree that customers spend more when they use cards versus cash
Agree that accepting digital payments helps them manage their business more effectively
Selecting a payment provider is the first step in enabling your store, website, or mobile device to accept digital payments and deposit the funds automatically into your merchant account:
You can use technology when it comes to managing other parts of your business:
Learn more by downloading Digital Transformation of SMBs.
Find out how this award-winning gourmet caramel apple business went online and succeeded
See how accepting digital payments impacted productivity for this authentic Vietnamese food business
Discover how this eco-gourmet business helped enhance its customer experience by implementing a digital loyalty program
Read about the impact going cash-free has had on this all-natural burger business
Learn more by downloading Digital Transformation of SMBs.
Insights listed above are from Visa’s Digital Transformation Research, 2018 Maru/Matchbox survey. Download Digital Transformation of SMBs for more details.