Tag: small businesses

Mobile technology is generating massive savings for small businesses

Smartphones have become the standard in smaller companies and are generating $65 billion in annual savings.

It has now reached the point that nearly all small businesses are using mobile technology in the form of smartphones, with 94 percent claiming that they are using them, this year, which is still a notable increase over the high level that was recorded last year, at 85 percent.

Millions of small to midsized businesses (SMBs) across the United States are taking advantage of the tech.

These SMBs are using the smartphones to be able to save a considerable amount of time and money. A recent survey which was commissioned jointly by AT&T and by the Small Business & Entrepreneurship Council (SBE Council) estimated that every year this mobile technology is saving SMBs $67.5 billion. This includes not only the use of the mobile devices, themselves, but also tablets and apps.

The survey looked into both the time and the money saved by the use of mobile technology.

Among all of the different types of mobile tech, smartphones alone are saving small to midsized businesses the largest amount of money ($32.3 billion) and even time (at an estimated 1.24 billion hours). Tablets came in second, with a savings of $19.6 billion per year and an estimated 754.2 million hours. Mobile apps are saving $15.6 billion per year and an estimated 599.5 million hours.Mobile Technology for small businesses

According to Karen Kerrigan, the CEO and council president of SBE, “Clearly, we are at a point where entrepreneurs now look first to communications technologies and innovations for solutions to improve productivity, cut costs and better manage and engage with customers.” She added that this is money and time that can all be redirected back into the business and improving market innovation while boosting sales.

The report on the study showed that over half of all small businesses say that they are currently using mobile technology in the form of apps. Among those who are using applications, 91 percent say that they use them for time savings, while two out of every three claim that money is being saved in this way.

Mobile payments easy choice for small business

mobile payments small businessesSmall business payment processing company Electronic Commerce International urges small businesses to pay heed to mobile commerce choices and to embrace mobile payments from customers.

Fighting big business

One thing all small businesses have in common is the need to compete with larger businesses. Small business owners not only have to compete, but they also have to stay up on the latest trends and embrace what may be coming next or be left behind. Analyst at Yankee Group believe that small businesses that start using mobile payments are going to stay relevant. In fact, they believe that this should be an obvious move for small business entities.

Point of sale mobile commerce is predicted to be a huge trend for the year 2013. Smartphone users have options from the likes of Visa and PayPal that allow them to use their smartphone instead of cash or a credit card when making purchases in retail locations. Not everyone believes in the next boom being in mobile commerce, however, with Gartner predicting on 2% saturation in the market for mobile payments. However, having the ability to accept the technology can never be a bad thing as long as costs are low.

Proof is in the pudding

There are some doubts as to the projection of mobile payments in 2013 and beyond, but Jim Anderson, CEO of Electronic Commerce International reports that a full 20 percent of holiday sales for 2012 were done via mobile payments. These payments are no longer a novelty, but are becoming more of the normal way that some prefer to shop. Small businesses that accept mobile commerce payments can stay ahead of the curve.

Companies like Visa, MasterCard, and many financial institutions with large customer bases are said to be the leaders in mobile payments in the coming year. PayPal already has a program in place and is expected to handle 10 billion dollars in transactions in the coming year from mobile payments alone. Others, like Apple, have not added the functionality to new devices which may put a dent in the predictions for mobile commerce in general. However, Apple accounts for a small percentage of smartphone sales leaving a broader segment of users with the ability to start using the technology.