The slogan for Visa used to be: “it’s everywhere you want to be.”
Today, we’re going to learn from where Visa has been.
Specifically, from their “Visa Back to Business Study.”
The credit card titan surveyed 4,500 consumers and 2,000 “small and micro businesses” in eight markets. In their own words, these “global small business and consumer insights” will help in “preparing for the holiday shopping seasons amidst COVID-19.”
Be Warned: Your Competitors Have Already Adjusted
We don’t say that to scare you.
Rather, it’s to understand that, in all likelihood, those you’re competing with have probably already made adjustments.
That’s my take away from Visa’s findings, at least.
They found “SMBs are considering strategies to manage the holiday season and offset the impact of COVID-19, with 60% of SMB owners taking steps to prepare.”
Those steps include extending business hours, “digitizing parts of the business operation,” and “investing more in the physical infrastructure.”
This is important for any number of reasons. Not the least of which is Visa’s findings that “86% of Americans will be shopping this holiday season.”
That may sound like a low number (you mean there are people NOT shopping for the holidays?) But, more than eight out of ten people will be shopping for this holiday season.
That’s a massive opportunity for your business, essentially regardless of what industry you’re in.
While the holiday season is fast approaching/upon us already, there’s still time to digitize more than a few parts of your business operation, boost your infrastructure, and more.
Being Prepared Inside and Out
In so many areas of the U.S. as well as the world, the pandemic has worsened.
The effects of the “second wave” are here, even if the first wave never really abated.
Despite that, Visa found that “this holiday season, nearly half (48%) of consumers plan to do most of their shopping in person.”
Caveat: this study was conducted between June 12th and June 29th. In our neck of the woods, Southern California, things seemed far more positive about the pandemic ending quickly then than they do now.
So, it’s entirely possible that fewer people will shop in person than this study found.
But, that said, you probably will have customers (and potential customers) shopping in person.
However, they aren’t shopping entirely in person.
With “26% who plan to do most of their shopping online and 26% who plan to shop an equal mix of online and in-person,” your web design is critical. Your eCommerce and more need to be at their best to get these customers.
Indeed, “consumers who have opted to shop online more during COVID-19 plan to keep it going, with 59% saying they’ll shop online for half or more of their holiday shopping.”
How can you best reach these customers?
The Importance of Flexibility
The study found that “shoppers are leaning towards gifts that give the recipient more flexibility. Consumers expect to give more digital gift cards (32%) compared to previous years, followed by experiences like tickets, activities, or trips (19%) and digital entertainment (18%).”
Tis the season of giving. Giving your customers more is a great way to make sure that they’ll be giving you more of their money.
To be in the best position to give “more digital gift cards,” “tickets, activities, or trips” and more, everything has to be “buttoned up tight,” so to speak. Your website, your eCommerce, and so much more has to be at its best. We can help. You can reach our web design in Los Angeles company at (888) 477-9540.