Visa

Visa Back to Business

Global Study

2022 Small Business Outlook

As the COVID-19 pandemic moves into its third calendar year, it's no longer just about pivoting and surviving—there's a hopeful surge in entrepreneurship, as well as growing confidence and optimism among small businesses.

In the 6th edition of Visa's global "Back to Business" study, we asked small business owners and consumers in nine markets around the world to look ahead at what 2022 and beyond could bring.

Key Global Insights

• 73% of small businesses (SMBs) surveyed said that new forms of digital payments are fundamental to their growth.
• 90% of small businesses surveyed with an online presence said their survival through the pandemic was due to increased efforts to sell via e-commerce and reported that, on average, over half of their revenue (62%) came from online channels in the last three months.

Small Businesses: The Path Forward in 2022

Top areas for growth in 2022, according to small businesses surveyed:

1. Offering new products or services (41%)
2. Increasing social media presence (40%)
3. New online channels (33%)
4. Investing more in marketing (33%)
5. Accepting new forms of payment (32%)

Consumers: Setting the Tone in 2022

Top factors, outside of price, influencing store purchasing choice, according to consumers surveyed:

1. Convenience (63%)
2. Good previous experience (60%)
3. Personal safety (54%)
4. Urgency for product or service (52%)
5. Accept digital payments (36%)

Optimism in 2022

90% of SMBs surveyed said they are optimistic about the future of their businesses, the highest level of optimism in Visa Back to Business studies to date.

Abandoned shopping carts in-real-life (IRL)

41% of consumers surveyed said they have abandoned a purchase in a physical store because digital payments were not accepted, SMBs are wise to continue to grow digital payment acceptance.

Going Fully Digital for Payments

Small businesses surveyed say:

• 59% of small businesses said they plan to shift to using only digital payments within the next two years, or are already cashless.
• 16% say they will never make the shift to digital payments only.

Consumers surveyed say:

• 41% of consumers said they plan to shift to using only digital payments within the next two years, or are already cashless.
• 23% say they will never make the shift to digital payments only.

For more information on the programs Visa has made available to small and micro businesses, please visit the Visa Small Business Hub at www.visa.com/smallbusinesshub.

¹Consumers surveyed were asked to share their top three factors that influenced store purchasing choices. ²The Visa Back to Business Study was conducted by WalkePell Research in December 2021 and surveyed 2,250 small business owners and 5,000 consumer adults in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE, and US. ³Unless otherwise stated, percentage collected payments average from SMB or consumer respondents across all nine markets: Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE, and US.