Break Open the Millennial Market with Mobile Payments
April 11, 2016
PaymentWeek.com by Steven Anderson
Getting access to the millennial market isn’t an easy process. Millennials have a strange way of looking at the world, and a lot of millennials want completely different things from other millennials.
For baby boomers working to market to this generation—and even for Generation X members who think they have a handle on it—it can be tough to pin down just what millennials want.
Thankfully, the use of mobile payment systems can address many of these desires, and the prize involved in landing the millennial market is too great to pass up.
With over 80 million millennials around—generally, most believe it’s those born between 1982 and 2004, though there’s debate enough to go around—and about $600 million in spending at stake, there’s a big win involved in landing millennial customers.
So what do mobile payments do to help get millennials in place?
Mobile payments prove that businesses speak the technological language favored by the market.
Large numbers of millennials have never known a world without the Internet, and even older millennials only remember it vaguely.
When a business takes mobile payments, it illustrates that the business understands the change, and is willing to not only take payments from the time before the Internet, but also the time afterward.
Millennials often don’t have the fondness for cash that older generations do, and being willing to accept mobile payments accommodates this preference.
Accommodating customer preferences means a better customer experience, and that gives customers a reason to come back.
Millennials also crave instant results and an integrated shopping experience, two points mobile payments certainly provide, especially when the mobile payment experience ties into a mobile site as everything’s all on one platform.
In the end, it’s all about providing the best in customer experience, the exact thing that makes customers most likely to be return customers.
Mobile payments offers several major components of a top-notch customer experience to millennial users, and that’s just what businesses need to help ensure these customers come back.
It’s not that other generations don’t use mobile payments, or can’t, but for millennials it’s particularly important since it covers so much of what they want to see in the experience.
Offering so much of what a group—especially a group with that kind of cash at stake—wants makes sense, particularly for businesses eager for an edge on the competition.