The times, they are a-changin’ – and retailers ought to take note. Last April, millennials finally surpassed baby boomers as the nation’s largest living generation. While retailers haven’t been shy about catering to the needs and preferences of these digital natives, there’s still plenty of room for improvement when it comes to the checkout experience. From simplifying mobile to offering more payment options, explore how retailers can take advantage of millennials’ increasing purchasing power for years to come.
Regardless of whether they’re at home or work, young adults aren’t likely to be caught without their smartphones. According to Bank of America’s “Trends in Consumer Mobility Report,” nearly 40 percent of millennials interact with their smartphones more than anything or anyone else – children and significant others included.
On top of texting and taking photos, users spend a significant amount of that time shopping. In fact, more than 60 percent of millennials shop on their smartphones every day. By limiting form fields on small screens, retailers can help better accommodate the shopping habits of a mobile generation. Far too often, shoppers struggle to complete the checkout process due to a lengthy and unintuitive forms. Short form fields that enable shoppers to save their personal information can quickly alleviate such concerns.
Open up new options
For millennials, there’s no such thing as too many options. Even as they shop in store, 34 percent of customers use devices to look up information about a product. Barriers that once divided shopping channels are now giving way to demand for the ability to shop anywhere on any device.
FuturePay’s data study, “The Big Ticket: What’s Stopping Shoppers,” reveals a similar sentiment regarding checkout. Four out of ten daily shoppers indicated lack of payment options as a common frustration. To help curb cart abandonment, retailers should consider offering more ways to pay. Doing so will not only improve customer satisfaction but also boost sales along the way.
Modern payment options for modern shoppers
Millennials aren’t always known for following in their parents’ footsteps – at least when it comes to traditional credit and financing. Just one third of adults between the ages of 18 and 29 own a credit card. This stark contrast to previous generations should prompt retailers to take a closer look at their payment options.
Instead of allowing shoppers to complete a purchase using only credit or PayPal, e-commerce retailers should consider adding instant point of purchase financing. Giving millennials the flexibility they crave at checkout can help build loyalty and enhance the user experience.
Millennials have drawn the attention of retailers for quite some time. But as this tech-savvy generation continues to become an increasingly prominent part of retailer target audiences, more must be done to exceed their shopping expectations. By doing this, retailers can better position themselves to capture revenue from this key demographic.
Bobbi Leach is the CEO of FuturePay, an e-commerce financing solution for the omnichannel shopper. FuturePay’s buy now, pay later option benefits businesses and consumers alike by offering shoppers instant credit while shopping online or on mobile devices.