It’s no secret that COVID is challenging small businesses everywhere to rethink the brick-and-mortar business model. With physical retail locations temporarily closed and e-commerce on the rise, it’s crucial for small businesses to pivot to digital to weather the pandemic.

By the numbers: Online sales grew by nearly 50% at the peak of the pandemic, and experts are predicting the shift may be permanent. According to a recent survey, 41% of consumers are currently shopping via social media and 51% say they’ll continue using in-app shopping post-COVID.

In a Mastercard study of small businesses across North America, 76% say the pandemic prompted them to become more digital, with 82% changing how their business sends and receives payments. 70% say they are willing to invest in the technology required to advance their payment systems and 73% say digital payments are the new normal for their business going forward.

To learn more about how small businesses can successfully pivot to digital during COVID and beyond, we tapped three powerhouse entrepreneurs who are expertly navigating the increasingly virtual future of retail.

Panelists:

Michelle Cadore | Owner & Designer

Amber Tolliver | Founder & CEO, Liberté

Sherly Tavarez | Founder, Hause of Curls, and Fashion & Lifestyle Blogger

Whitney Rife Becker | Fashion Influencer & Entrepreneur

Moderator: 

Ginger Siegel | North America Small Business Lead at Mastercard