Nearly 75% of small businesses in the UAE are optimistic about their business recovery in 2021, thanks to the rapid digital adoption prompted by the COVID-19 pandemic. In fact, almost 82% of the UAE merchants reported that their investments in digital payment solutions had already paid off and would play a significant role in their business recovery.
“It is encouraging to see that merchants feel optimistic about business recovery in 2021 and the swift adoption of digital payments and recognition of what their customers want – whether it is offering a range of digital payment options, home delivery or promotions – has been pivotal in them shifting gears from survival mode to recovery,” Shahebaz Khan, Visa’s General Manager for the UAE, stated.
Moreover, when asked about payment habits during the pandemic, nearly 60% of the surveyed UAE merchants said contactless payments were the preferred payment option among customers. This is certainly an increase from the 18% of merchants who said contactless payment was the preferred choice at the start of the pandemic. 31% of those polled also said they offered contactless payments to customers during the pandemic in response to the growing demand.
“UAE retailers are leading the way in showing how to translate insights into action and considering half of business owners (54%) are reliant on their small business as a primary or only source of income, this urgency is palpable,” Khan added.
Thus, it is no surprise that almost 38% of the surveyed UAE businesses said they had established an online presence in response to the pandemic. More than 85% of respondents believe that online shopping will continue to be the primary choice of customers even after the pandemic as well.
Lastly, to best prepare for future uncertainties, 20% of UAE merchants polled who do not currently have an online presence stated that they intend to build an e-commerce platform in the near future, while a third are planning to provide contactless payments and digital prepayment options to customers. More than half of the merchants surveyed believe accepting digital payments will boost sales.
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