Visa: local loyalty keeps SMBs afloat during COVID-19
In an announcement made by Visa, the company reports the release of its latest research that indicates that local loyalty has been critical in keeping SMBs afloat during COVID-19.
Key findings from the report include:
- 76% of shoppers believe their high street needs support, with 42% of small businesses believing that that next three months will be crucial to their survival
- 82% of consumers are worried about the future of their high street; 50% are worried about the increase in empty shops; and 43% are worried about the decline in local economy
- 80% of people in Britain have been shopping as frequently or more frequently with small businesses since lockdown lifted , with 61% believing they could do more to support SMBs by shopping in person or online
- 53% of SMBs are confident they will bounce back in the next year, however this figure fell to 33% since the introduction of recent government guidelines
- Prior to changes in government guidelines, SMBs not confident in their future has risen from 22% to 29%
“We know that 2020 has been exceptionally challenging for small businesses so we’re doubling down on our commitment of support. Visa is proud to work with Totally Locally in its mission to bring communities together, and we encourage all small businesses to sign up to Fiver Fest ahead of 10th October. The next three months will be such an important period for small businesses, so we are urging the nation to back the spirit of Fiver Fest and shop local, either online or offline, to help communities recover,” commented Dominic White, Head of Merchants and Acquirers, Visa UK.
“We’re pleased to see how Fiver Fest has grown over the past couple of years and we hope that through the partnership with Visa more consumers and businesses will be a part of it than ever before. It may not feel like a big contribution but that’s why we say just diverting £5 a week to small businesses will make a huge difference. If we all make this small change in our spending habits, it will go a long way to reviving our communities,” added Chris Sands, Founder of Totally Locally.
For more information on business topics in the United States and Canada, please take a look at the latest edition of Business Chief North America.