Small Businesses Must Recognize Mobile Movement
Written by Jenna Weiner
Small businesses should prepare to embrace the mobile payment movement, but exercise caution when creating a business plan.
According to a report from independent research firm Aite, mobile payments will account for $214 billion in gross volume by 2015, up from $16 billion in 2010. This is an important development in small business technology news.
The Street notes that managers should begin to consider how they can embrace the burgeoning movement.
"There is enough momentum that small businesses need to take that first step, to learn how to best enable their businesses for mobile, whether that's reformatting the business' website or implementing a mobile application," Paul Phillipson, managing director of ecommerce payment solution Mazooma, tells the news source.
The Aite report points out that firms that are missing the signs that the market is now rapidly shifting toward mobile payments will be at a serious disadvantage in the next few years, reminiscent of the mid-1990s, when big-name ecommerce companies planted their seeds and grew.
However, it may be prudent for smaller establishments to avoid making rash decisions, despite the urge to strike while the iron is still hot. Stephen Block, vice president of digital marketing agency Resource Interactive's mobile practice, tells The Street that small businesses may want to hold off for at least a year as the industry shakes out before deciding on a permanent mobile strategy.
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