Half of Consumers Predicted to Be Using Mobile Payments in Two Years by SBOs
ShopKeep has released its bi-annual ShopKeep Small Business Index (SSBI). The SSBI, which draws insights gathered from a survey of 1,954 ShopKeep merchants reveals that 87% of ShopKeep merchants have seen little-to-no adoption of mobile payments at their business during the past six months. Despite these findings, 59% of small businesses still predict that in the next two years, 50% of consumers will be using mobile payments, such as Apple Pay, as their primary payment method.
The survey also showed that 88% of small business owners are confident in the current state of their business, which is an 8% decline from Q1 2015. Despite this drop in sentiment, 72% of merchants surveyed still reported an increase in revenue over the past six months, and 96% remain confident in the success of their business one year from now. As we head into the 2016 campaign season, 57.6% of respondents felt that the election would have no impact on the state of their business.
The year-over-year data from more than 5,700 ShopKeep merchants identified additional notable findings, including:
Positive growth within all business categories, including quick service restaurants, bars and retail shops with an average of a 15% increase in sales revenue.
An 11% increase in total number of sales transactions.
Full service restaurants and bars saw the greatest increase in revenue, with bars experiencing the largest jump from last year increasing by 47%.
Of the merchants participating in the SSBI, more than 50% of businesses are within their first three years of operations, with the majority of business owners ranging between 26 and 35 years of age. Over 60% of business owners obtained a Bachelor’s degree or higher, before going on to start their business. While 70% of merchants offer paid-time off for full-time employees, 27% reported taking zero days off a year, with an average of only five days of vacation.
To read the full Q3 2015 ShopKeep Small Business Index, visit: shopkeep.com/press.
The survey also showed that 88% of small business owners are confident in the current state of their business, which is an 8% decline from Q1 2015. Despite this drop in sentiment, 72% of merchants surveyed still reported an increase in revenue over the past six months, and 96% remain confident in the success of their business one year from now. As we head into the 2016 campaign season, 57.6% of respondents felt that the election would have no impact on the state of their business.
The year-over-year data from more than 5,700 ShopKeep merchants identified additional notable findings, including:
Positive growth within all business categories, including quick service restaurants, bars and retail shops with an average of a 15% increase in sales revenue.
An 11% increase in total number of sales transactions.
Full service restaurants and bars saw the greatest increase in revenue, with bars experiencing the largest jump from last year increasing by 47%.
Of the merchants participating in the SSBI, more than 50% of businesses are within their first three years of operations, with the majority of business owners ranging between 26 and 35 years of age. Over 60% of business owners obtained a Bachelor’s degree or higher, before going on to start their business. While 70% of merchants offer paid-time off for full-time employees, 27% reported taking zero days off a year, with an average of only five days of vacation.
To read the full Q3 2015 ShopKeep Small Business Index, visit: shopkeep.com/press.