According to a new report from BIA/Kelsey, mobile payment options are rapidly picking up steam with 40% of small businesses surveyed reporting they are now using mobile point of sale options. PayPal and Square are two of the top mobile payment options that brands are embracing. Beyond the 40% who report they are now using mobile point of sale, 16% say they will add the option within the next year.
Steve Marshall, director of research at BIA/Kelsey, states “A closer look at the data shows adoption of mobile and social varies across SMB industry sectors. The LCM data reveals professional and home and trade services are embracing mobile in a big way, with service providers essentially becoming walking POS terminals.”
Steve goes on to point out how mobile and social media are working together to transform small business, “Together, mobile and social tools are transforming the way SMBs acquire and retain customers,” said Marshall. “With the heavy use of social media, SMB marketing is quickly becoming a two-way engagement rather than a one-way promotion.”
As for how small businesses are engaging in social media, BIA/Kelsey’s report found that those that responded say they are ‘responding’ to comments, blogging, Tweeting/Updating social pages and pushing a loyalty program.
Clearly accepting mobile payments is just the tip of the iceberg when it comes to utilizing mobile with small businesses as great opportunities exist for virtual displays and other ingenious ways to market products and inform customers. Augmented reality options will soon become the norm in retail rather than hovering out there as the next big thing.