Retailers report that Millennials now make up over half of online sales.10 Yet, 64% of people think that retailers need to invest in new technology to meet the needs of these young people according to Klarna’s own consumer data. Retailers must invest now in the mobile shopping experience to win over this influential and notoriously hard to please segment of younger shoppers.
Invest in mobile functionality
The growing use of smartphones to shop is an opportunity for brands to communicate with the customer throughout their journey and across all channels. A customer may start their journey on one device and then go on to complete the purchase on another, so ensuring a consistent message is crucial.
Using progressive data collection means brands can effectively target consumers across all devices, making the experience as seamless as possible. Maintaining communication throughout the process prevents dropped baskets and helps to nudge the shopper towards a purchase, which is particularly vital for the demanding Millennial audience.
On a more sophisticated level, the design of mobile sites is also key. Retailers should incorporate functionality that is specific to mobile - such as ‘swipe to like’ or quick surveys. Done right, capitalising on the m-commerce opportunity is all about reflecting consumer purchasing habits to provide the appropriate functionality, flexibility and simplicity for shoppers on the go.
One route to adopting a mobile-first strategy, which should be step one for any retailer, is improving the functionality of the mobile experience to ensure it is smooth and seamless. This means understanding for example, that shoppers on the move often don’t have their card details to hand. Implementing a ‘digital wallet’ that automatically saves a customer’s payment details, which saves details to enable one-click payments, could move the dial when it comes to engaging the younger audience.
90% of merchants say that meeting the demands of millennials is driving investment in new payment technologies.11 When it comes to payments, choice is crucial for young people. In fact, 68.3% of 16 - 24 year-olds think increasing ways to pay would encourage them to spend more.
Millennials expect a mobile first shopping experience. Whether they’re browsing or purchasing, ensuring the mobile experience is as seamless as online is crucial for retailers. With an ever more competitive landscape on the highstreet - those retailers that can future-proof their mobile experience and win over younger consumers will reap the rewards.
Key takeawayModernise mobile payment options and digital wallets to attract millennial shoppers.
10, 11 Source: Klarna research in collaboration with Ovum, April 2017