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MIDDLE EAST
UAE SMALL BUSINESSES EYE GLOBAL EXPANSION AS KEY TO GROWTH , VISA STUDY FINDS
Visa has revealed findings from the seventh edition of its Global Back to Business Study , which found that a majority of surveyed small and micro businesses plan to prioritise cross-border sales as they look to scale to new geographies . Additionally , the survey found that a growing number of consumers are embracing cashless transactions , with nearly 75 % of surveyed shoppers predicting they will use digital payments more frequently this year .
“ It used to be that only big businesses could scale to access customers across the country or around the world , but today ’ s small business owner can be virtually borderless ,” said Dr Saeeda Jaffar , Visa ’ s SVP and Group Country Manager for GCC . “ At Visa , we ’ re seeing the small business mindset shift from survival mode to growth mode , as SMBs harness the power of digital payments to improve efficiencies , reach new audiences and simply thrive in today ’ s increasingly digital world .”
Looking beyond pandemic-era challenges to the full arc of opportunities ahead , Visa ’ s Global Back to Business Study surveyed small business owners and consumers in ten markets , including Australia , Brazil , Canada , Germany , Hong Kong , Ireland , New Zealand , Singapore , United Arab Emirates ( UAE ) and United States ( US ). Key insights include :
• The world is their marketplace . Ninety-three percent of surveyed business owners in the UAE cited expanding into new geographies as a focus for growth ( compared to 79 % globally ). A high number ( 83 % vs . 72 % globally ) of consumers said they already feel comfortable buying across borders .
• Leaving paper behind . While 100 % ( vs . 95 % globally ) of small business owners surveyed planned to be cashless ‘ someday ’, 42 % ( vs . 51 % globally ) planned to make that shift in the next two years . Consumers lead this shift , with 51 % ( vs . 55 % globally ) of those surveyed predicting they will use digital payments more in the coming year .
• Shopping small . Seventy percent of consumers ( vs . 49 % globally ) intended to shop more at local businesses this year as they look to support the local economy ( 54 %).
• Sustainable shopping . An overwhelming 92 % of UAE shoppers say a business ’ s sustainability practices have at least somewhat of an impact on their decision to purchase from them ( compared to 68 % globally ). Nearly all ( 96 %) are willing to pay more for products or services to ensure they are sustainable ( vs . 77 % globally ).
• The To Do list . Business owners cited offering new products or services ( 44 %), investing more in marketing ( 42 %) and increasing social media presence ( 41 %) as the top opportunities to reach new customers , with 37 % eyeing accepting new forms of payment as a crucial area that can help them improve their business .
Powering SMB growth globally , year-round
Small businesses are anything but small to Visa . Through a variety of localised programmes and solutions , Visa enables small business owners to meet the rapidly changing demands of global commerce and consumer needs . Visa offers numerous payment services designed to help SMBs pay and get paid , including Visa Business credit and debit cards through associated financial institutions , business and payment management tools , fraud and security services , among many other solutions . Visa also provides financial education and business skills training , including Practical Business Skills globally , in addition to initiatives like She ’ s Next . �
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