Global payments technology company, Visa has found out through its ‘Back to Business’ study that UAE consumers and businesses have adopted new behaviours.
Optimism among small businesses
The study indicates that 94% of small business owners are beginning to feel optimistic about the future of business, amidst differing levels of consumers who are “supporting small businesses.” While optimistic, SMBs in the UAE feel that it will be about six months before their businesses are back to full operation.
SMBs in the UAE have shown an incredible willingness to evolve in the face of change. In fact, 94% of SMBs in the UAE, compared to 67% globally, have pivoted to keep their businesses on track since the outbreak. Over two in five (44%, compared to 20% globally) have allowed contactless payments for the first time since the start of COVID-19. Additionally, nearly three in five (59%, compared to 33% of global SMBs) reported their business has accepted less or stopped accepting cash during the pandemic.
However, despite their willingness to adapt to new trends, 92% of merchants in the UAE still have concerns about shifting their business online or increasing online presence (compared to 74% globally), highlighting the need for additional support to help SMBs transition to digital. These businesses are most concerned about data privacy and security (48%, compared to 32% globally), as well as keeping their employees safe and healthy (48%, compared to 27% globally).
Also read: Visa to support small businesses
Consumer are demanding contactless
According to the study, almost 90% or 9 out of 10 consumers in the UAE have changed how they pay for purchases due to COVID-19, including shopping online when possible (59%), using contactless payments (52%) and not using cash as much (40%).
Contactless payments have become a driving differentiator. Nearly all (90%, compared to 63% globally) UAE consumers would switch to buying from a store that installed contactless payment systems. Almost three in four (72%, compared to 48% globally) UAE consumers wouldn’t shop at a store that only offers payment methods that require contact with a cashier or other shared devices. Importantly, an overwhelming majority (89%) of UAE consumers, compared to two-thirds (67%) of consumers globally, are taking measures to keep their payment cards clean.
“Consumers are putting COVID-19 safety measures at the top of their shopping agenda and favouring businesses that do the same,” said Shahebaz Khan, Visa’s general manager for the UAE. “Historically, we have seen behaviour change at the point of sale as a gradual shift over time. But COVID-19 has created an immediate need for safer, more efficient shopping experiences both online and offline as consumers rapidly migrate to digital commerce. We want small businesses to know that Visa is here to help them navigate these new consumer needs and gain insights to make their businesses stronger both now and in the long run.”
“It sounds like this, Luh Pan Koh-ti-dyan and means ‘the daily bread’,December 6, 2021 | By Zubina Ahmed
Landmark Group held its 12th Beat Diabetes event on Friday, 26 November, atNovember 29, 2021 | By RetailME Bureau
“It sounds like this, Luh Pan Koh-ti-dyan and means ‘the daily bread’,
The long weekend might be over but the Etisalat Beach Canteen 2021
UAE gears up to celebrate this year’s National Day celebrations in the
UAE-based Etisalat Group has signed an agreement with elGrocer, a leading online
Amazon.ae announced that the 11.11 sale is back once again this year
Abu Dhabi Cooperative Society’s COOP City store is now open in Lake
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
ADNOC Distribution, the UAE’s fuel convenience retailer, is the first fuel retailer
The festive shopping season represents a significant portion of retailers’ annual revenue,
Zebra Technologies Corporation, an innovator at the front line of business with
Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, fully
A Dubai-based digital styling platform ‘Wear That’ is offering women across Dubai
There is a large trust gap between shoppers and retailers, according to
The gifting industry today is globally valued at $620 billion, says Husain
Noon.com announced its biggest ever Yellow Friday Sale running from the 22nd until 28th November. The
Dubai based eyewear retailer ‘Eyewa’ has raised $29.6 million in funding so
Sports lifestyle is a dynamic business. Great things are demanded of the
UAE-based Majid Al Futtaim has been at the forefront of using emerging