Visa’s Global Back to Business Study reveals that SMBs are increasingly looking to expand globally, with a focus on digital payments, while consumers are leaning towards cashless transactions.
14 September 2023 – Visa, a global payments technology company, has released the results of its seventh annual Global Back to Business Study, uncovering critical insights into the future direction of small and micro businesses (SMBs) and consumer preferences. This comprehensive survey, spanning ten key markets, including Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, the United Arab Emirates (UAE), and the United States (US), highlights a strategic shift among SMBs towards international expansion and a growing inclination of consumers towards cashless transactions.
In a transformative era, where the dynamics of commerce are constantly evolving, Visa’s Global Back to Business Study has illuminated several significant trends and opportunities for businesses and consumers alike. Notably, an overwhelming 79% of surveyed SMB owners have expressed their intentions to explore new global markets, reflecting a heightened focus on international growth prospects. Concurrently, the survey has underscored a dramatic shift in consumer payment behavior, with a staggering 60% of respondents anticipating an increased use of digital payments in the coming year.
Consumers are also demonstrating their commitment to supporting local businesses, with 49% expressing their intent to shop more at neighborhood establishments. This trend, attributed to a desire to bolster local economies (65%) and establish stronger community connections (44%), presents a unique opportunity for SMBs to harness their local appeal and strengthen their market presence.
To achieve growth objectives, small business owners are considering various strategies. These include enhancing their presence on social media platforms (44%), diversifying product or service offerings (41%), and boosting investments in marketing (40%). Additionally, 35% of SMBs recognize the significance of accepting new payment methods to enhance their business operations.
Visa, in its dedication to supporting SMB growth, offers an array of payment services tailored to meet the ever-evolving demands of global commerce and consumer expectations. These services include Visa Business credit and debit cards, payment management tools, security services, and extensive financial education and business skills training. Moreover, Visa Foundation’s commitment of $200 million over five years underscores its mission to empower small and micro businesses, with a particular focus on women entrepreneurs.