One in four firms thinks their ability to survive in 2023 will be determined by current Christmas sales. More than half of SMBs are increasing their use of third-party payment options, and more than half are increasing their social media footprints in order to enhance sales. Almost 4 out of 10 American merchants are attempting to reinvent after-purchase processes like fulfillment or shipping. Through the provision of consistent and customized experiences across all platforms, SMEs want to compete in the digital age. Customers prioritize ease of use above all other considerations, with 35% indicating it influences their choice of payment method.
Buy now, pay later (BNPL) is also becoming more popular, particularly among users. The marketing director of Clover, Andrea Gellert, discusses why SMBs have to take new payment alternatives into account. SMEs can take advantage of the goodwill already in their favor with customers. Customers consistently show their commitment to SMBs, as seen by the 94% of consumers who feel small businesses are important to their communities. Payment demands of consumers are changing at an unprecedented rate, with security and choice of the payment method the two most crucial considerations for consumers.
