How Hispanic Business Growth is Connected to Mobile Development

July 21, 2014 by No Comments

woman uses a smartphoneMobile Future recently conducted a study called “Hispanic Business Growth and the Mobile Future,” which documented the way that business and mobile technology are intersecting for the Hispanic entrepreneurial community.

According to the survey, about 70% of Hispanic business owners agree that they can now offer better customer service because of mobile technology. Some have been able to use it to respond to questions and comments in a more timely manner, while 33% have taken it upon themselves to create mobile-friendly websites. Another third offer mobile payment options, as well.

Most strikingly, perhaps, is that 95% of respondents agreed that a day without mobile technology would negatively impact their business, which is an important note of how quickly the Hispanic business community has moved into incorporating mobile as part of their integral day-to-day operations.

The survey also uncovered that, as much as mobile is helping these businesses already, there remains a lot of untapped potential when it comes to how companies can use mobile technology to further their company goals. Over 50% of business owners agreed that they wanted more training on mobile marketing opportunities.

Understanding how Hispanic businesses are growing and changing has implications for the U.S. market overall, as Hispanic-owned businesses are slated to become the fastest-growing segment of small businesses in the country. Already, there are over 3 million Hispanic entrepreneurs in the U.S.

Former studies by PEW Research have shed some light on why so many Hispanic entrepreneurs are relatively quick to adopt, considering that 45% of all U.S. businesses still lack a mobile site or app. Their research showed that Hispanic Internet users were more likely to use mobile devices to surf, and the Hispanic community has adapted to becoming wireless-only households much more quickly.

When businesses adapt mobile technology, it helps them to reduce the risk of diminishing time value — which is the “cost of waiting” that happens when businesses don’t innovate first.

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