Winning the business of the millennial generation
There is no demographic being wooed by businesses quite like the millennials. The 18-29 generation is tech savvy, sophisticated, cynical, difficult to market to and, critically, the professionals and spenders of today and the future.
It is little surprise then, that publications are awash with articles and reports on how best to engage with this generation. A recent example here looks at what this generation supposedly wants from banking.
All very interesting and informative but one thing the article doesn’t cover is how the millennial generation like to interact, not just for banking but for commerce in general.
The answer is, unsurprisingly, online.
Millennials make up half of all online shoppers and, with an average annual spend of $2000, spend more money online than any other demographic. As technology has advanced, more and more millennials are turning to their mobile phones to carry our commerce transactions. However, they are fickle shoppers, with a short attention span and have no problem with shopping around to get not only the best price but the best online experience.
The online experience is critical to market successfully to this demographic. It’s not just a question of the best products or prices, it’s also about delivering a smooth and secure mobile experience.
Critical to this is getting the mobile site/app design right. Knowing that this demographic has a short attention span and a finite amount of patience for browsing, the experience must be swift and easy to navigate from start to finish; including the final checkout experience.
The checkout experience is critical. It must be secure and it should be easy to complete; the latest industry figures suggest that almost 69% of online transactions are abandoned. A vital component of any checkout process is verifying yourself. Passwords can be hard to remember and challenging to type on a small mobile keyboard.
This is where MYPINPAD make the difference and help attract and retain millennials. Our technology relies on the entry card PIN. Quicker and less hassle than a password, it is also future-proofed as it has the capacity to work in conjunction with other technologies to add an extra layer of unobtrusive security.
In the battle to get the custom and loyalty of millennials, convenience is everything. MYPINPAD’s technology can give businesses the competitive edge.