Visa Launches ‘Where You Shop Matters’ Initiative to Support Small Businesses in Nigeria
- Visa has launched an initiative called ‘Where You Shop Matters’ to support Small Businesses in Nigeria via the Visa Small Business Hub offering tools and information on how to start running their businesses online and make profits.
- The Small Business Hub offers an Ecommerce starter package that comes with enrollment for small business to create their own online store and begin accepting online payments via Visa’s Fintech partners.
- Visa has also released the COVID-19 CEMEA Impact Tracker highlighting the recent impact which the novel coronavirus pandemic – 71% of consumers surveyed say COVID-19 led to their first online grocery purchase.
Visa has launched an initiative called ‘Where You Shop Matters’ to support Small Businesses in Nigeria through the Visa Small Business Hub, a merchant platform offering tools and information for small business on how to fund, get online and get paid. The platform features leading merchants who represent the passion and entrepreneurship of small businesses in Nigeria.
The “where you shop initiative” connects customers and small business, by providing entrepreneurs with a platform to showcase their businesses before a variety of customers via two distinct options.
The ‘For Customers’ option on the platform displays various small businesses and the value they offer customers, and the ‘For Small Businesses’ option is rich with resources for small businesses to start operating profitably online.
The Small Business Hub which drives the initiative offers an Ecommerce starter package that comes with enrollment for small business to create their own online store and begin accepting online payments via Visa’s Fintech partners such as Paystack, Interswitch and others.
The initiative is also offering to the first 100 SMEs who set up their Ecommerce on the platform, $200 worth of online advertising to boost their digital marketing campaigns, an opportunity to feature on Visa’s monthly merchant wall of fame, as well as get their businesses profiled on the company’s social media platforms.
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In addition to the new Small Business Hub, Visa has released the COVID-19 CEMEA Impact Tracker highlighting the recent impact which the novel coronavirus pandemic has had on trade for customers and small businesses in Nigeria.
The findings of the report show elevated anxiety with customers focusing solely on essential retail commodities. 68% of customers interviewed reported less frequent grocery shopping, while 67% reported less frequent public transportation. However, the impact of the pandemic has not dampened the Nigerian consumer’s resolve since respondents believe that returning to normalcy will take about 6 months for the business environment.
Since the outbreak, many customers in Nigeria for the first time started shopping for essentials online. 71% of consumers surveyed say COVID-19 led to their first online grocery purchase, while 69% made their first online pharmaceutical purchase. In all, the report points to a shift towards online commerce, with digital payments replacing cash transactions.
Remarking on the report’s findings Kemi Okusanya, Vice President, Visa West Africa said: “The pandemic is impacting businesses 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 that they now spend less while also emphasising a trend that indicates shoppers have changed their style of shopping. Consumers are increasingly optimising their trips with 66% buying in bulk, avoiding impulsive buying by making lists and purchasing non-perishable items to reduce trips.
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