ShopKeep, an iPad-based point of sale system, has released its Q1 ShopKeep Small Business Index(SSBI), which reveals significant growth in small businesses. With 75% of ShopKeep merchants experiencing an increase in revenue, “97% of respondents have expressed confidence in the success of their small business, according to a press release.
“Each quarter, we conduct this survey to offer some insight into the health of small businesses and identify emerging trends and topics that are currently top of mind for independent business owners,” said ShopKeep president and CEO Norm Merritt. “It is encouraging to see the overwhelming optimism in the small business sector as we head into the second quarter of the year.”
Over the last six months, more than 68% of ShopKeep users have experienced an increase in net profits, along with an overall 17% increase in transactions. Compared to Q1 2014, Same-store sales data showed an 11% increase, while restaurants and bars specifically experienced a 25% increase in revenue.
“Even with this positive outlook, we’re finding that independent merchants are relying heavily on each other and local resources to run their businesses — especially where EMV is concerned,” said Merritt. “With new payments regulations being introduced later this year, ongoing industry-wide education about developing technologies and government policies will be key in maintaining their growth and success.”
With over 60% of respondents being first-time business owners, the ShopKeep Index revealed that their leading resources were accountants, bookkeepers and financial advisors. Despite the current success, 61% of users have merchants have displayed concern on the impact that tax and regulatory policies will have on the future of their businesses.
The SSBI, constructs its conclusions based on first-quarter data from 1,480 ShopKeep merchants. To read the Q1 2015 ShopKeep Small Business Index, visit shopkeep.com/press.
Read about PayChex Small Business Index
