Social distancing measures have been enforced nationwide. As a result, many brick-and-mortar businesses had temporarily shut down. In particular, the services industry has been hit hard. However, many retailers and restaurants have been shifting business online in response to the lockdown.
According to Valitor, 76% of brick-and-mortar businesses say that COVID-19 has changed the way they advertise strict hygiene measures. In addition, 37% indicate that COVID-19 has caused new special offers and 34% indicate that they have increased their social media presence during the pandemic. Furthermore, 30% of brick-and-mortar businesses have shifted more of their business online.
Decrease in cash payments
Currently, the way people pay is changing. Respondents expect a decrease in cash payments to carry through post-COVID. For those who rely on cash payments, it is worth considering this change when planning for the future.
To avoid spreading the virus, shoppers favor payment methods that involve minimal contact. Alongside directives to stay home, this has led to a significant decrease in cash payments, noted by 59% of the respondents. For those who can move their business online, focusing on alternative payment methods poses a new opportunity, and as the pandemic continues to drain funds, more SMEs are turning to different channels to sustain themselves.
New opportunities
While the COVID-19 outbreak has set almost everyone back, it seems that for most business owners it is a case of when one door closes, another one opens. 65% of business owners said that lockdown had opened new opportunities for them. The greatest shift in how consumers shop has been the transition to online. 55% of SMEs owners have seen this change. As a result, a great opportunity for brick-and-mortar businesses is shifting to online.
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