Payment technology company Visa recently conducted its seventh annual Global Back to Business Study, providing insights into strategies that can help small businesses succeed in today’s evolving business landscape. The study emphasizes the importance of offering new products or services, investing in marketing, expanding into new markets, embracing digital payments, and prioritizing sustainability practices.
One key strategy identified is offering new products or services to capture more market share. By catering to changing consumer preferences and standing out from competitors, small businesses can attract new customers. This growth strategy was recognized by 44% of small business owners surveyed.
Investing in marketing is another critical avenue for small business growth. By increasing marketing efforts, businesses can raise brand awareness, engage with their target audience, and build customer loyalty. Having a strong social media presence is also crucial in today’s digital era, as it allows businesses to connect with potential customers and establish lasting relationships.
Expanding into new markets presents a significant opportunity for small businesses. The study revealed that 93% of surveyed business owners in the UAE expressed their focus on this expansion strategy. By tapping into new customer bases and entering new markets, small businesses can unlock growth beyond their local market.
Embracing digital payments is essential for businesses aiming to attract and retain customers. The study found that nearly 75% of shoppers surveyed intend to use digital payment methods more frequently this year. To capitalize on this shift, small business owners need to adapt their payment systems to accommodate the evolving preferences of their customers.
Visa understands the importance of these opportunities for small businesses and is actively supporting their growth. Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC, is leading efforts to empower small businesses in the region. Visa offers various programs, solutions, and financial education initiatives to support their growth and enable them to thrive in today’s digital landscape.
Accepting new forms of payment is crucial for businesses seeking to reach new customers. The study found that 37% of small business owners consider this a crucial strategy. By offering flexible payment options, businesses can cater to their diverse customer base and enhance the shopping experience.
Furthermore, the study highlighted that consumers are comfortable purchasing from businesses across borders. An impressive 83% of consumers expressed this comfort, indicating that small businesses can expand their customer base in today’s global marketplace. This presents a tremendous opportunity for businesses to tap into new markets.
Sustainability practices have also become a key consideration for consumers. The study found that 92% of UAE shoppers consider a business’s sustainability practices, and 96% are willing to pay more for sustainable products or services. This indicates a growing market for businesses that prioritize sustainability.
Recognizing the significance of sustainability and small business growth, the Visa Foundation has announced a five-year, US$200 million commitment to support small and micro enterprises, with a focus on women entrepreneurs. The foundation aims to empower these businesses and contribute to their long-term success.
In conclusion, Visa’s Global Back to Business Study highlights the importance of seizing opportunities such as offering new products or services, investing in marketing, enhancing social media presence, accepting new forms of payment, and expanding into new markets for small business growth. By embracing these strategies, small businesses can position themselves for success, attract new customers, and thrive in a competitive global marketplace. Visa’s commitment to supporting small businesses further underscores the company’s dedication to empowering entrepreneurs worldwide.