Reflecting on Small Business 2020
December 15, 2020
Business is anything but usual these days.
Being A Small Business in 2020
Small businesses across Canada have suffered this year and continue to experience the economic hardship brought on by the COVID-19 pandemic. As 2020 draws to a close we can look back on the changes we’ve seen this year and plan how we can move successfully into 2021.
Small merchants in particular have faced a multitude of unknowns this year and questions have been swirling. Are we allowed to operate? How do we offer contactless pick up? What is our capacity limit now? Do we qualify for government relief? The answers to these questions have changed many times over recent months, which makes it hard for both merchants and consumers to know what they should do.
Data Says:
Projections reported in September predicted that it would take another 1 year and 5 months for the average business to return to regular pre-COVID revenue. (Canadian Federation of Independent Business)
Payment Experts Response:
Despite challenges, shops across the country have made innovative changes to keep their business in business! Most of these changes were upgrades to their technology and – quite crucially – their payment systems. Consumers want to support local and Payment Experts can make that an accessible reality through tools such as the following.
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The Rapid Rise of E-Commerce
Data Says:
A study released in November highlights Canadian payment trends including the continued increase of e-commerce platforms. The survey reported that 48% of participants are shopping online more than before the pandemic. An increased use of food delivery services was indicated by 29% of participants, which is 3% higher than the response reported in May. (Payments Canada)
Payment Experts Response:
The rapid consumer shift to digital has been tough for local mom-and-pop businesses that were not equipped for a quick transition to ecommerce. Payment Experts has helped many companies make the jump to digital this year and our merchant services are continuously evolving to fit the changing needs of our merchants.
A smooth payment process is critical to business operations and consumers will not accept anything but an easy checkout. Now more than ever it is hard work to bring people to your storefront or website and you do not want to lose a sale because of a troublesome payment system.
We have also noticed that local/regular consumers want to support their community’s small businesses. They also understand that if they order direct from a merchant it is usually cheaper and they are likely to build loyalty to a local establishment. We have been incredibly happy to see so many people going out of their way to shop both local and direct (rather than, say, through a food delivery app) as a way to support their communities. We can help any merchant set up their own digital storefront to increase accessibility to consumers.
Restrictions on In-Person Shopping
Small businesses have been disproportionately affected by the government-imposed restrictions and shutdowns. While big retailers like Walmart and Costco continued to be open for both essential and non-essential shopping, many local businesses without a grocery section were forced to close.
Data Says:
The November study mentioned above also showed that consumer habits have not returned to pre-pandemic norms. Of those surveyed, 44% indicated that their payment preference has shifted to digital and contactless for the long-term. (Payments Canada)
Payment Experts Response:
Not only has the Payment Experts team facilitated online payment processing but we have helped merchants improve their operations through the use of powerful tools from our friends at Clover. To keep business running smoothly both in-person and online we suggest talking to us about the following solutions.
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Powering Ahead
2020 has been an unpredictable year but the Payment Experts team remains optimistic about the future. The combination of Payment Experts cutting-edge technology and the incredible perseverance of our merchants will enable business not only to operate but to grow. We look forward to working with you in 2021 and beyond.
Bonus tip! Get a FREE Clover Mini
Keep customers and employees safely distanced by having two devices at checkout! The Clover Mini can be tethered to a 2nd Mini, so, your employees can operate payment transactions from one terminal, while your customers pay on a separate device.
