Millennials are the generation that have the buying power to shape the payments industry. By closely tracking their shopping habits, companies can keep up with the payment technology that they’re using. Some of these latest trends include mobile payments, wearable tech, and possibly even biometrics in the future.
Here are some tips on targeting the millennial market as well as some facts about the millennial demographic.
Born between 1980 and 2000, the oldest millennials are turning 35 this year. They’re the largest generation so far.
Millennials are digital natives and are the first generation to grow up in a computer-driven society. This means that they are social, connected, and have access to their accounts from multiple devices including mobile phones and computers. If you want to target millennials, make sure that your company is accessible from several different devices and that your website looks good on all these devices as well.
Because of how they were raised with computers and due to making less than previous generations, millennials crave maximum convenience at the lowest price.
Despite making less money than other generations, they are also heavily in debt. Due to this debt, many millennials believe that marriage and home ownership can wait until later in life. However, despite their limitations, financial independence is important to them as well. One thing that millennials value is access over ownership.
What Does This Mean for Your Company?
15% of millennials say that they make most of their purchases using mobile wallets such as Apple Pay or Samsung Pay. Because of this, more and more businesses are now offering the option to pay through mobile payments. According to Jumio, a digital verification software company, 700 millennials surveyed across North America, UK, Central Europe, and Australia found that 92.5% of millennials surveyed used their phones to access financial services. 93% use mobile from traditional banks for checking their current accounts and 14% use them for credit cards. Many millennials today are managing their money through their mobile devices. If you don’t offer your customers the ability to pay through mobile devices, then you are missing out on an enormous selling opportunity.
Millennials are social and connected. Your website should be catered to millennials and these traits as well. Your web pages should be responsive and easily accessible on mobile devices. You should also make your checkout process easy and intuitive for customers to use. Jumio’s research has shown that 93.5% of millennials have abandoned a transaction that was too difficult or annoying to use on their mobiles. By making your checkout process smooth and easy to use, you can make sure that customers won’t abandon their transactions.
Millennials are still using cash for now, but mobile wallets are paving the way for the future. By 2020, it is predicted that mobile wallets will become the most popular payment method.
Stay ahead of the trend and cater your company to millennials. Future generations will only continue to use technology as more and more inventions and easier ways to pay become available. Don’t get left behind. Upgrade to the way of the future with mobile wallets through DigiPay today.