Small Businesses Eye Global Expansion as Key to Growth, Visa Study Finds
- Majority of SMBs prioritize cross-border sales for growth
- Nearly 60% of shoppers predict increased use of digital payments
- Small business owners aim to go cashless in the next two years
- Consumers intend to shop more at local businesses
- Visa provides payment services and support for SMBs
- None.
As digital payments go from being an option to a way of life, new research reveals what’s next: cross-border sales
“It used to be that only big businesses could scale to access customers across the country or around the world, but today’s small business owner can be virtually borderless,” said Jeni Mundy, global head of merchant sales and acquiring, Visa. “At Visa, we’re seeing the small business mindset shift from survival mode to growth mode, as SMBs harness the power of digital payments to improve efficiencies, reach new audiences and simply thrive in today’s increasingly digital world.”
Looking beyond pandemic-era challenges to the full arc of opportunities ahead, Visa’s Global Back to Business Study surveyed small business owners and consumers in ten markets, including
-
The world is their marketplace. Seventy-nine percent of surveyed business owners cited expanding into new geographies as a focus for growth. A high number (
72% ) of consumers said they already feel comfortable buying across borders. -
Leaving paper behind. While
95% of small business owners surveyed planned to be cashless “someday,”51% planned to make that shift in the next two years. Consumers lead this shift, with55% of those surveyed predicting they will use digital payments more in the coming year. -
Shopping small. Forty-nine percent of consumers intended to shop more at local businesses this year as they look to support the local economy (
65% ) or make a personal connection (44% ) in their community. -
The To Do list. Business owners cited increasing social media presence (
44% ), offering new products or services (41% ) and investing more in marketing (40% ) as the top opportunities to reach new customers, with35% eyeing accepting new forms of payment as a crucial area that can help them improve their business.
Powering SMB Growth Globally, Year-Round
Small businesses are anything but small to Visa. Through a variety of localized programs and solutions, Visa enables small business owners to meet the rapidly changing demands of global commerce and consumer needs. Visa offers numerous payment services designed to help SMBs pay and get paid, including Visa Business credit and debit cards through associated financial institutions, business and payment management tools, fraud and security services, among many other solutions. Visa also provides financial education and business skills training, including Practical Business Skills globally and Enko in
In 2020, Visa Foundation announced a five-year,
Additional resources for small and micro businesses can be found on the Visa Small Business Hub.
Methodology: Visa Global Back to Business Study
Visa’s Global Back to Business Study was conducted by Wakefield Research in March/April 2023 and surveyed 2,250 small business owners with 100 employees or fewer in
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230912220994/en/
Julianna Bryan
jbryan@visa.com
Source: Visa Inc.