Is Your Bus. Ready for the Digital Future? Mastercard Launches Small Bus. Digital Readiness Diagnostic to Help Businesses Go ...
October 01 2020 - 9:00AM
Business Wire
Company adds diagnostic to its Digital Doors
resource center, providing end-to-end solution and furthering its
efforts to bring 50 million small businesses into the digital
economy
Digital Makeover of NYC Small Business Brings
Solution to Life
As small businesses accelerate digital transformation efforts in
response to the pandemic, today Mastercard is announcing the U.S.
launch of the Small Business Digital Readiness Diagnostic, a free
online tool to help entrepreneurs future-proof their businesses for
a digital world. The new Diagnostic tool is an expansion of
Mastercard’s Digital Doors curriculum, which helps to ensure
businesses have the right tools to maximize their digital
presence.
“In the midst of a massive shift to digital spending, businesses
everywhere and of every size are trying to appeal to a changed and
changing consumer,” said Dimi Dosis, President of Advisors for
Mastercard. “With the Mastercard Small Business Digital Readiness
Diagnostic, our mission is to help as many small businesses as
possible better understand and expand their digital capabilities so
they are positioned to seize the online opportunity and
future-proof their business.”
Determining Digital Readiness
Beyond expanding a business’ reach, going digital allows
business owners to play a bigger role in the customers’ journey. In
fact, according to a Mastercard study, 76% of small businesses
across North America say the pandemic prompted them to become more
digital. The Digital Readiness Diagnostic is a carefully developed
solution that gauges a business’ strengths and weaknesses across
the digital space and generates customized recommendations to help
owners meet the needs of today’s digital environment.
The Digital Readiness Diagnostic tool helps assess a business
across six key dimensions, including:
- Overarching Business Strategy
- Management & Operations
- Business Growth and Marketing
- Getting paid
- Making payments
- Protecting Your Business Including Employees &
Customers
Based on the online evaluation, the Diagnostic tool provides a
performance score and benchmarks a business against industry best
practices to provide clarity on how well-equipped the business is
for the digital future. It also provides customized, expert
recommendations on considerations for each of the assessed
dimensions to drive greater efficiency and effectiveness.
Implementing and Opening Digital Doors: A Digital Makeover
Case Study
Small business owner Michelle Cadore – founder of Yes I Am
clothing brand and DA SPOT NYC boutique based in downtown Brooklyn,
was forced to close her doors for six months when the pandemic hit.
Fortunately for Cadore, she was able to quickly pivot her business
and focus on online sales, and partnerships with online retailers.
In June, seeing the shift in consumer behavior, she added curbside
pick up to her customer offerings. DA SPOT NYC reopened to the
public in September, and Cadore is welcoming back foot traffic
under new retail guidelines, while continuing to reinforce her
digital presence. In an uncertain retail environment where things
can change at any given moment, Cadore wants to ensure that she can
continue to serve her customers and her community without
interruption.
"DA SPOT sells over 25 local and independent creative brands, so
having our doors closed impacted more than just my bottom line. By
shifting our focus to e-commerce, we were able to stay connected to
our customer base and keep our creative community alive,” said
Michelle Cadore, Founder of Yes I Am clothing brand and DA SPOT NYC
boutique. “We realized the strength of our online presence in this
new environment, and by working closely with Mastercard were able
to identify additional digital resources to improve our business
efficiencies and customer engagement.”
As a part of her digital strategy, Cadore took the digital
diagnostic to assess opportunities for enhancement to her business
and day-to-day operations. Thanks to the Mastercard diagnostic,
Cadore was able to identify a customized suite of solutions to
improve four areas across her digital strategy. Leveraging
Mastercard resources and partner solutions, Cadore’s business
underwent a Digital Makeover that includes the implementation of
the following tools and resources:
- To help improve her customer data management and further foster
customer loyalty, Cadore will receive a year of Salesforce
Essentials management
- To streamline account reconciliation and foster greater
inventory management, Mastercard has coordinated Intuit training on
QuickBooks
- To ensure Cadore’s business, employees and customers are
protected against cyber threats, she has received a free
cybersecurity vulnerability assessment from RiskRecon and access to
Mastercard ID Theft Protection™
- To enhance her customer digital payment & acceptance
experience, Mastercard consulted with Cadore on best practices
around digital payment acceptance
Building An Inclusive Digital Economy
Supporting small business owners is nothing new for Mastercard,
which has long been committed to building an inclusive digital
economy. The Digital Readiness Diagnostic tool, and broader Digital
Doors program, is just one way this commitment is coming to life.
These efforts build on Mastercard’s pledge to bringing 50 million
small businesses and 25 million women entrepreneurs into the
digital economy by 2025.
Our local main streets have
been amongst the hardest hit from the COVID-19 pandemic. To help
support U.S. small businesses through this crisis, Mastercard
announced in April a commitment of $250 million over five years to
support small businesses in the United States and other markets
where we operate. As part of the commitment, we will provide U.S.
small business owners with access to necessary resources to help
protect their business and their employees.
About Mastercard (NYSE: MA),
www.mastercard.com
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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Mastercard Media Contacts Margaret Williams 914.249.2926
| margaret.williams@mastercard.com
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