Visa has launched its new “Where You Shop Matters’ initiative that aims to champion and enable entrepreneurs in Nigeria, while encouraging consumers to support small businesses. Alongside a new SMB resource hub, Visa has published the COVID-19 CEMEA Impact Tracker highlighting the recent effect the novel coronavirus pandemic has had on commerce for consumers and small merchants in Nigeria.
The findings of the report highlight increased anxiety with consumers staying away from all but essential retail. 68% of consumers polled reported going grocery shopping less often, while 67% reported taking public transportation less often. The impact of the pandemic still hasn’t dampened the resolve of the Nigerian consumer however as respondents believe that it will take about 6 months for the business environment to return to normalcy. Commenting on the report’s findings Kemi Okusanya, Vice President, Visa West Africa said: “The pandemic is impacting business 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.”