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Wednesday,
June 17, 2020 / 5:14 PM / Visa
Visa, the world's leader in digital payments, has launched its
new "Where You Shop Matters' initiative that aims to champion and enable entrepreneurs in Nigeria, while
encouraging consumers to support small businesses. Alongside a new SMB resource
hub, Visa has published the COVID-19 CEMEA Impact Tracker highlighting
the recent effect the novel coronavirus pandemic has had on commerce for
consumers and small merchants in Nigeria.
The findings
of the report highlight increased anxiety with consumers staying away from all
but essential retail. 68% of consumers polled reported going grocery shopping
less often, while 67% reported taking public transportation less often. The
impact of the pandemic still hasn't dampened the resolve of the Nigerian
consumer however as respondents believe that it will take about 6 months for the
business environment to return to normalcy.
During the
pandemic, many consumers in Nigeria have started shopping online for the first
time for essentials. 71% of consumers surveyed say that COVID-19 has led to
their first online grocery purchase, while 69% have made their first online
purchase from pharmacies. Overall, the report points to a shift towards online
commerce, with cash transactions being replaced by digital payments.
Commenting
on the report's findings Kemi Okusanya, Vice
President, Visa West Africa said: "The pandemic is impacting business
everywhere. The findings of the COVID-19 CEMEA Impact Tracker suggest shoppers
have changed how they shop and this is already having a major impact on how
merchants do business. As consumers adapt to the current restrictions, many
have changed how they shop and turned to online outlets for their shopping.
These changes present challenges but also enormous opportunities for all
merchants, including small businesses."
According to
the report, 55% of consumers admit to now spending less while also highlighting
a trend that suggests shoppers have transformed how they shop. Asked about
spending habits, consumers are increasingly optimizing their trips - 66% buying
in bulk, making lists to avoid impulsive purchases, and buying non-perishable
items to ensure fewer trips.
"It is vital that
merchants in Nigeria understand consumer behaviors and adapt accordingly -
eCommerce and digital solutions will undoubtedly enable growth. At Visa, we are
proud to support merchants and recognize that many small businesses have been
most adversely affected by the pandemic. From eCommerce to security, our "Where
You Shop Matters" initiative aims to help support them and champion the local
small businesses that serve as the backbone of our communities," Kemi
Added.
Launching on the 17th
of June, Where You Shop Matters will help support small businesses through the
Visa Small Business Hub, a merchant platform providing tools and information on
how to start, run and grow small businesses. The platform will also feature
leading merchants who embody the passion and entrepreneurship of small
businesses across Nigeria.
Click here to download the Visa COVID-19 CEMEA Impact Tracker
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