Friday, October 23, 2020
Noting the pandemic's impact on North American merchants, Yazdian emphasized the need for diverse, secure, and frictionless payment solutions. “Our research shows that having an online checkout, as well as diverse payments infrastructure, is crucial to allowing in-store SMBs to thrive amidst the pandemic and actually grow in this unprecedented environment,” he said.
Yazdian further noted that SMBs have been using technology to maximize revenue opportunities in a challenging business climate. This trend will continue, he stated, as merchants diversify payment options across online, mobile and digital app channels.
Paysafe’s survey, conducted between Sept. 9 and 18 revealed that business owners derived measurable results by giving customers more ways to transact and check out in stores, online and in mobile apps.
Paysafe researchers noted that disruption caused by COVID-19 has been a catalyst for digital commerce adoption in the following categories:
In addition to accelerating digital adoption, precautionary steps taken to halt the spread of COVID-19 have forced SMBs to find alternative ways to transact with customers. “Restaurants that were not allowed to open expanded delivery, takeout and mobile ordering—small restaurants implemented reservation systems to enable customers to order without waiting in line,” Yazdian said.
Paysafe research underscored the economic hardships facing North American SMBs. Forty-four percent of respondents saw precipitous revenue declines in recent months, with 93 percent of that group remaining far below pre-COVID-19 levels. However, 76 percent of SMBs surveyed are optimistic about the future, researchers noted.
“58 percent of businesses say COVID-19 has forced them to refocus their businesses towards online sales and 40 percent stated they are considering closing their store entirely and becoming online-only businesses,” researchers wrote. “This may be driven by the fact that most businesses (61 percent) think consumers are too concerned about COVID-19 to return to stores.”
Yazdian pointed out that many popular digital commerce solutions that were designed to drive convenience and ease of use are helping SMBs survive and thrive during the pandemic. “If there are any positive lessons to be learned, it’s that businesses and restaurants have become more open to using resources and optimizing tools and software in ways that make them more competitive,” he said. “Whether it’s lockdowns or travel restrictions, the ability to serve customers and enable them to order online is essential. We may not get back to pre-COVID conditions but there are still many ways to serve customers.”
To access the report, visit: www.paysafe.com/fileadmin/user_upload/Lost_in_Transaction_Covid_19_Business_report_FINAL.pdf
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