3 Trends That Prove Digital is the New Normal–And What it Means For Your Business
The COVID-19 pandemic, as well as recent consumer behavior shifts in e-commerce, have caused long-lasting impacts to the U.S. small business market, prompting businesses to digitize as a means of future-proofing their businesses.
Having a digitally led approach is critical to equipping small business owners with the tools and solutions they need to survive in an uncertain environment. Many small business owners are ready and willing to take the plunge and do what's needed to digitize their business, yet 64% have said they found it challenging to do so.
At our recent Money Moves Digital Summit, Ginger Siegel, the North America small business lead at Mastercard, identified three trends that prove that digital is the new normal. ICYMI, we’re sharing them below, along with Siegel’s tips to help reinvigorate your business both on and offline–and more importantly, keep it safe. Read on for her sage advice.
TREND #1: CONTACTLESS SPENDING
As the realities of COVID-19 hit businesses and individuals alike demanded lower touch options for making and receiving payments.
Although 2020 was already a year we expected to see increases in contactless spending, COVID-19 has accelerated this behavior and made consumer demand shift quicker than anticipated. 46% of global consumers have swapped out their top-of wallet card for a card that provides contactless functionality
With social distancing evolving into a long-term norm, continued reliance on delivery, pick-up, and alternative points of sale will mandate versatile payment methods, making the market primed for tap on phone adoption.74% of consumers said they will continue using contactless post-pandemic
TREND #2: DIGITAL SERVICES
As COVID-19 continues to stress small businesses financially and operationally, small business owners across North America are turning to digital services to improve cash flow and modernize their payments ecosystems.
The majority of small businesses said that speed and security and transparency were their top priorities. This includes changing how their business sends and receives payments and moving clients to more digital methods. This shift to digital services is not only good for business, it increases customer satisfaction as well. In fact, 81% of businesses said when they do move to more digital payments, it does improve the satisfaction level of their customers, proving digital really is the new normal.
TREND #3: CYBERSECURITY PREVENTION
In our new normal, heightened fraud and bad actors in the ecosystem will require small businesses to start paying for far greater attention to cyber security threats than ever before.
Business is uncertain enough—with 80% of small businesses reporting they did not monitor cyber security threats prior to the pandemic, many are incredibly vulnerable to exploitation by bad actors looking to capitalize on the current market chaos.
Small businesses are looking for partners and advisors to help protect them against the unknown in a new world. Partners who step in and predict, educate, and guide small businesses on impending threats will become essential to their survival in the new normal.
To help close the digital divide and prepare for what’s next, Mastercard has introduced its Digital Doors program, which provides small businesses the everyday business management tools and solutions to help small businesses go digital–and keep them safe. Digital Doors offers the resources and support to help small businesses navigate through current challenges and and build for the future–from digital readiness diagnostic tools, educational content, and Mastercard and partner solutions.
Women in the Workplace: How We Combat the Staggering Stats and Get Women Back to Biz
The way you think about money, matters.
The events of 2020 have turned the workplace upside down. And women, in particular, have been negatively impacted. Women make up 39% of global employment, but they’ve accounted for 54% of overall job losses during the COVID-19 crisis.
Without the support that makes it possible for women to balance their work and home lives, working women are burning out due to the increased workload from housework and caregiving.
Because of the challenges created by COVID-19, women are feeling less ambitious when it comes to their careers and as many as two million women are considering leaving the workforce, and experts predict the pandemic could set women back half a decade.
At our recent Money Moves Digital Summit, we tapped four driven and ambitious women to dive into a thoughtful conversation on the state of women in the workplace and how we can combat these staggering stats and get back to business.
ICYMI, we’re sharing some of the highlights below–– keep reading for some sage advice.
On Boundaries...
“My advice to any working mom is to approach the idea of work/life boundaries with zero expectations–– I mean, we're in a constantly changing environment with our kids and with the state of the world, and we’re doing our best to adopt––and well, that’s doing enough.”
–Stephanie Liu Hjelmeseth, Blogger
On Creativity…
“To women in the creative field, try not to let the stagnant experience of last year infiltrate your mind––especially if you live off of your art. It’s part of the artist’s job to depict the times, so continue to seek inspiration and maintain your passion, regardless of what’s going on in the world.”
–Mirtha Michelle Castro Mármol, Poet, Author, Actress, and Entrepreneur
On Resilience…
“Really keep your foundation strong––which is your own store and your own platform––because that is really the only thing you can control while the industry ebbs and flows.”
–Lindsay Albanese | Founder and Inventor
On Managing Financial Anxiety…
“I know people talk about money mindset a lot, but there is truth to that––the way you think about money matters...don’t be afraid to look at your finances head on. Getting comfortable with your money will be one of the biggest things to help you move forward.”
–Natalie Ellis, Co-Founder and CEO, BossBabe
On Diversifying Your Revenue Stream…
“While I do believe it is smart to diversify your promotional channels––to have strong social media, to implement mass marketing, to have a strong ad strategy––I think that retail should be secondary and there should only be a few key retailers. I think the breakdown of 80% DTC to 20% retail is a smart split for your revenue channels.”
–Lindsay Albanese, Founder and Inventor
“Diversifying as a whole is so incredibly important as an entrepreneur. As it applies, think about where you are monetizing directly––where the revenue is not reliant on another brand, person, or partnership––and lean into this area of your business as a source of security.”
–Natalie Ellis, Co-Founder and CEO, BossBabe
On Collaboration…
“There are two factors I consider before I agree to collaborate with a brand: First, is if I’m already using the brand or how much I really admire the brand, and if their values align with mine. Secondly, and equally as important for a successful partnership, is really approaching the project with mutual respect from both sides. I expect the brand to respect my work and my worth––and in that way, I believe that the results will be mutually beneficial and successful.”
–Stephanie Liu Hjelmeseth, Blogger
3 Trends That Prove Digital is the New Normal–And What it Means For Your Business
Sage advice to keep your business safe online.
The COVID-19 pandemic, as well as recent consumer behavior shifts in e-commerce, have caused long-lasting impacts to the U.S. small business market, prompting businesses to digitize as a means of future-proofing their businesses.
Having a digitally led approach is critical to equipping small business owners with the tools and solutions they need to survive in an uncertain environment. Many small business owners are ready and willing to take the plunge and do what's needed to digitize their business, yet 64% have said they found it challenging to do so. (2020 North America SBO Comms Survey, Mastercard)
At our recent Money Moves Digital Summit, Ginger Siegel, the North America small business lead at Mastercard, identified three trends that prove that digital is the new normal. ICYMI, we’re sharing them below, along with Siegel’s tips to help reinvigorate your business both on and offline–and more importantly, keep it safe. Read on for her sage advice.
Trend #1: Contactless Spending
As the realities of COVID-19 hit businesses and individuals alike demanded lower touch options for making and receiving payments.
Although 2020 was already a year we expected to see increases in contactless spending, COVID-19 has accelerated this behavior and made consumer demand shift quicker than anticipated. 46% of global consumers have swapped out their top-of wallet card for a card that provides contactless functionality (2020 North America SBO Comms Survey, Mastercard)
With social distancing evolving into a long-term norm, continued reliance on delivery, pick-up, and alternative points of sale will mandate versatile payment methods, making the market primed for tap on phone adoption. 74% of consumers said they will continue using contactless post-pandemic. (2020 North America SBO Comms Survey, Mastercard)
Trend #2: Digital Services
As COVID-19 continues to stress small businesses financially and operationally, small business owners across North America are turning to digital services to improve cash flow and modernize their payments ecosystems.
The majority of small businesses said that speed and security and transparency were their top priorities. This includes changing how their business sends and receives payments and moving clients to more digital methods. This shift to digital services is not only good for business, it increases customer satisfaction as well. In fact, 81% of businesses said when they do move to more digital payments, it does improve the satisfaction level of their customers, proving digital really is the new normal. (2020 North America SBO Comms Survey, Mastercard)
Trend #3: Cybersecurity Prevention
In our new normal, heightened fraud and bad actors in the ecosystem will require small businesses to start paying for far greater attention to cyber security threats than ever before. Business is uncertain enough—with 80% of small businesses reporting they did not monitor cyber security threats prior to the pandemic, many are incredibly vulnerable to exploitation by bad actors looking to capitalize on the current market chaos. (Zogby Analytics survey commissioned by National Cyber Security Alliance (NCSA) - Oct 2019)
Small businesses are looking for partners and advisors to help protect them against the unknown in a new world. Partners who step in and predict, educate, and guide small businesses on impending threats will become essential to their survival in the new normal.
To help close the digital divide and prepare for what’s next, Mastercard’s Digital Doors™ program, provides small businesses the everyday business management tools and solutions to help small businesses go digital–and keep them safe. Digital Doors offers the resources and support to help small businesses navigate through current challenges and build for the future–from digital readiness diagnostic tools, educational content, and Mastercard and partner solutions.