Mobile payment adoption rates continue to miss the mark at small businesses
ShopKeep, the top-rated tablet-to-cloud payments and point of sale platform, chosen by over 24,000 independent retailers and restaurants, shared data today from 1,794 small business owners in a new report titled ‘ShopKeep Small Business Pulse: 2018’. The report highlights responses from ShopKeep customers on a variety of topics, including business challenges, the adoption of new technology, and business goals. With nearly 2,000 respondents, the report is also one of the largest small business surveys available in the market today.
One significant finding from the survey is the slower-than-anticipated adoption of mobile payments in stores. The survey found that just 24% of respondents have seen even a slight increase in the usage of mobile payments over the past two years, as opposed to 68% who feel that mobile payment volume has remained more or less the same. For comparison, when ShopKeep asked small business owners about mobile payments in 2016, 42% of respondents expected mobile payments to account for 50% of consumer purchases.
“There is still a lot of confusion in the marketplace when it comes to digital wallets and mobile payments. In the ShopKeep Small Business Pulse, 43% of small business owners stated that they don’t even offer mobile wallet options to their customers,” said Michael DeSimone, CEO of ShopKeep. “With 25,000 small businesses on our platform we know many of these customers actually are equipped to accept mobile payments, so we believe that improving education, as well as adding incentives like tying mobile payments to a loyalty program, could be something we see more of in the future to drive further adoption of the technology.”
Additional interesting findings included:
- 49% of small business owners identified ‘Maintaining Profitability’ as the most significant business challenge they face
- 23% of small business owners want to expand and open a new location
- 32% of small business owners want to focus on improving their marketing performance
- 23% of small business owners noted growing ecommerce as a key business goal for the next 1-3 years
The ShopKeep Small Business Pulse is a report that shares survey results from small business owners across the United States who use ShopKeep’s point of sale system. ShopKeep’s customer base consists of a wide variety of independent brick and mortar businesses including retail shops, quick-service restaurants, full-service restaurants, and bars.
Everything ShopKeep does supports growing and independent businesses. Built by and for small business owners, ShopKeep provides an intuitive, secure, iPad point-of-sale system with POS software that empowers merchants to run smarter businesses by optimizing staffing, managing inventory and accessing real-time sales reports and customer information on one seamless, cloud-based platform. With more than 24,000 customers, ShopKeep’s award-winning customer care team is available to help 24/7 and provides a robust support network for growing business owners. ShopKeep is headquartered in New York City, with offices in Portland (OR), Chicago (IL), and Belfast (NIR). Visit www.shopkeep.com to learn more about ShopKeep’s POS system. You can also join the conversation on the ShopKeep blog and follow us @ShopKeep on Twitter.