Many retailers and business owners presume that millennial shoppers – who always seem glued to their smartphones – are the ones driving the success of mobile credit card payment processing pages and services. However, the truth is that older online shoppers enjoy purchasing products through their phones as much or more than their younger counterparts do.
A recent survey conducted by RadiumOne and reported on by Internet Retailer found that roughly 60 percent of adult smartphone owners made at least one purchase from their phone within the past six months. Surprisingly enough, more than 35 percent of users between the ages of 45 and 54 made a purchase from a mobile credit card payment processing page – while only 15 percent of users between the ages of 18 and 24 did so. This illustrates to retailers that the appeal of mobile commerce may not be tied exclusively to the younger generation. Older shoppers like to purchase products through their phones too – mobile commerce has gone “mainstream.”
“The opportunities for brands to engage consumers at all points of the marketing funnel have finally reached mainstream scale, with mobile users engaged with their devices so frequently throughout the day, and using their devices throughout the sales-decision process,” Gurbaksh Chahal, CEO and founder of RadiumOne, told the news outlet. “Consumers do engage, provided brands reach them in the proper context and geography and recognize at what stage of the purchase cycle to engage.”
Don’t get the wrong idea, though: Millennials definitely want to handle their finances via their phones. For example, a recent study from BancVue found that almost 80 percent of all individuals between the ages of 18 and 34 specifically look for mobile banking capability when choosing where to save their money. Additionally, almost 95 percent of individuals in that same age group say that online banking is an important factor when choosing a financial institution to do business with.
“In almost all cases, banking apps allow you to bank, but not evaluate your broader financial goals if you have multiple accounts or debt holdings in other areas,” Keith Brannan, chief marketing officer at BancVue, told Mobile Commerce Daily. “A banking app is about banking, but the experience a millennial desires is often about their broader financial impact … They want to know their bank or credit union understands them and they want products that allow them to engage on their terms.”Back To Blog