During the year 2021, the latest research stated out that there are three out of the four minor businesses within the UAE stated that they felt really expectant regarding the commercial recovery.
As per the review, majority of UAE merchants (approx. 82 percent) stated that their digital payments investments have paid off as well as they will play a crucial role for their commercial recovery.
This year’s 2021’s Small Business Recovery review depicted that the Smaller as well as Medium commercial firms within UAE, Saudi Arabia, Egypt, as well as Pakistan for comprehending how they have progressed in the pathway they turn the path for trade to accomplish the impetus of the Covid-19 as for the bottom line.
Traders in the UAE stated that they assume all of these spending drifts to linger to nurture post-pandemic.
When queried about payment habits during the pandemic, more than half of UAE merchants surveyed (60 percent) stated contactless outflows were the preferred payment option among their clients, up from only 18 percent of merchants who at the commencement of the pandemic stated that the contactless payment was clients’ chosen option.
Nearly one third of respondents (31 percent) stated that they presented contactless payments as an opportunity to respond to the upward demand for the payment opportunity during the pandemic.
The study also discovered the top spending trends merchant’s entitlement expressing the Covid-19 business atmosphere – these include augmented use of contactless payments (93 percent of merchants), takeaways (87 percent) as well as home delivery (78 percent).
The Visa’s GM for the UAE, Shahebaz Khan, stated out that: “It is encouraging to see that merchants feel optimistic about business recovery in 2021 and the swift adoption of digital payments and recognition of what their customers want – whether it is offering a range of digital payment options, home delivery or promotions – has been pivotal in them shifting gears from survival mode to recovery.”
“UAE vendors are foremost by the way in viewing how to interpret insights into action and viewing as half of business owners (54 percent) are dependent on their small commercial as a primary or only source of income, this urgency is intense.”
More than a third of retailers (38 percent) in the UAE that were measured stated out that they have recognized an online existence in retort to Covid-19 while 86 percent are self-assured that online shopping will persist a preference well after the emergency.
The knowledge of the pandemic has emphasized the requirement to future proof. In order to formulate for future uncertainties, 20 percent of UAE merchants measured who currently do not have an online presence stated out they are scheduling to figure an e-commerce platform and a third are forecasting to offer contactless payments and digital prepayment opportunities to clients.
Half (51 percent) of the merchants measured stated out that they have faith in accepting digital payments is likely to upsurge their sales and 8 out of 10 (82 percent) said that accepting digital payments is an investment. In fact, merchants who only accept cash are planning to set up POS terminals within the next two years (28 percent) and invest in new digital payment technologies (31 percent).