In 2018, a multi-pronged research program was led by Visa to assess digital transformation barriers and opportunities for small and medium businesses (SMBs). Through Econsult Solutions’ thought leadership joint venture, ESI ThoughtLab, our team performed a cost analysis survey to support the research program in providing SMBs with market insights and tangible strategies to meet the evolving consumer demands for a “Digital First” commerce experience.
U.S. consumers and SMBs were asked details on how they conduct commerce, receive payments, and the costs and benefits associated with these activities. As part of the full digital commerce picture, Visa and its collaborators also explored preferences, marketing and advertising activity, new service considerations, and customer loyalty programs.
Consumer expectations are evolving to embrace a ‘digital first’ mindset, providing an opportunity for SMBs to grow their business. These preferences have helped bring change to the payment landscape. 66% of consumers surveyed can imagine a future in which only digital payments will be used. Aside from consumer preference, digital payments can also have a positive impact on SMBs bottom line.
In 2019, the analysis was expanded to include Canada, the United Kingdom, and Australia.