Bridge the Digital Divide with Visa's Digital Transformation Report

Small and medium-sized businesses (SMBs) face unique opportunities and challenges in an increasingly digital world. Technology is constantly changing and so is the way consumers browse, shop and pay. Given this digital transformation and its critical role in business' future success, Visa set out to share actionable tips for technology and digital upgrades that business owners can easily implement to grow their businesses.

The Digital Transformation of SMBs: The Future of Commerce report provides actionable tips to help business owners better reach the connected consumer. There are many quick solutions SMBs can implement to improve their digital presence, drive profitability and enhance the customer experience. These are laid out in detail with helpful case studies and accompanying research. Here are some highlights from the new report.

Enabling Consumer Discovery & Marketing in the Digital Age

Consumer purchasing behavior is driven by websites and online experiences, and many consumers wish they could shop exclusively online. This has big implications for SMBs because many do not have an online presence, whether through a business website or online marketplace. The report offers some great strategies for creating a website and marketing your business online, making it easier than you might think to jump into the digital business world.

Enhancing the Customer Experience

Only one in five SMBs offer a loyalty program, yet rewards drive consumer preference and digital programs can offer instant value and gratification. A loyalty program or rewards systems could be just the jumpstart your business needs to keep up with larger competitors. The report includes case studies and tips for launching loyalty programs to dramatically increase growth.

”Offerings such as order ahead, digital loyalty programs and fast customer service responses are motivating factors to shop at a business. SMBs are currently under utilizing many digital channels consumers prefer.” - Jack Forestell, head of global products and solutions at Visa

The Impact of Digital Payments

For small and medium-sized business owners, the perceived cost, time and tech-proficiency required for building a digital presence can feel like an insurmountable obstacle, Visa's research indicates that the costs associated with accepting digital versus non-digital payments offer a clear point of opportunity for SMBs. It could be as simple as learning to set up digital payment options in your store or online. Not only does the report walk you through digital payment acceptance, but it also contains information on going cash-free and taking full advantage of your digital options.

Accepting digital payments has never been simpler, and our team of payments professionals can help you get started. Simply contact us and be sure you download the full report so you can start transforming your business!