In our previous post we talked about the Millennial generation and the three questions we should ask ourselves about them to achieve success in our e-commerce.
In this post, we will talk in depth about how they like to pay Millennials and how they like to receive money, as well as some tips for digital payments.
How Millennials like to pay?
In recent years, the obsession with mobile banking has been growing more and more. 65% of Millennials have paid through mobile phones, compared to 42% of the general population.
How Millennials like to be paid?
Even though Millennials love to pay digitally, at the time of receiving money, 58% prefer cash. The exchange of cash is easy, convenient and safe. In addition, they will accept it anywhere and will save spontaneous expenses and the payment of transaction fees.
Even though millennials like to be paid in cash, 84 percent of them use credit or debit cards to do their shopping.
Digital payments: an opportunity or a threat?
Staying ahead of millennial demand matters really a lot. So, let’s discover some guidelines recommended by Visa in their recent report.
1. Digital-ethos mindset
Millennials are self-reliant. They want to find solutions quickly and independently. Give your business a digital presence and offer Millennials access to individual accounts.
Convert your website into a communication platform. Let users exchange knowledge and ideas, bringing you extra traffic and income. Communication with them is all about your ability to build trust and bring value.
2. An omnichannel approach
Millennials should experience a smooth and seamless journey across various touch points. Your task is to provide real-time support and direct communication.
3. Be disciplined, relevant, open to communication
This means developing specific messaging for all groups of your customers. It’s essential to consider different needs for intergenerational communication. Be clear and concise in what you offer. Develop a differentiated approach for varying customer groups.
Now that you know how Millennials are, think about how to make them happy.
Remember that Pay Retailers can help you to make your business a success.