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BizReport : Mobile Marketing : April 13, 2017

Expert: Millennials are coming to stores, but paying differently

Recent data out from Omnyway shows that about half of Millennials are making their non-grocery purchases in stores, but they aren't whipping out cash or even a credit card to pay. Millennials are also 16 times more likely to use mobile payment apps in stores. This is how retailers can do more to engage Millennials.

by Kristina Knight

Kristina: What did you find most interesting about the study results?

Amitaabh Malhotra, CMO, Omnyway: The most interesting facts pertain to the affinity for mobile devices amongst millennials and their constant interactions with them. More and more, their day to day functions have moved to these devices, and at the same time they are very dependent on a connected online peer network to get them through decision making and information gathering. So while technology plays a key role in connectivity and just-in-time information access, there is a still a strong human component based off peer/social recommendation that is considered most trustworthy. This goes to show that millennials are not easily falling for recommendations from bots.

Kristina: How does the 2008 recession play into this?

Amitaabh: Millennials entered the workforce during the most economically challenging time - the recession of 2008, so they had to adapt to a reality where opportunities were scarce, and more needed to be done with much less. Even though the current market conditions are more favorable, their mentality is not geared towards excess, while it also favors living in the now - as they have seen their parents lose everything they had saved when the recession hit. It's a generation loaded with some of the highest amounts of debt in student loans, which is leading to a direct change in living choices as compared to previous generations e.g. renting vs owning a home, living in urban areas in smaller footprint dwelling, the emergence of a sharing economy (don't own a car, etc.), and all of this limits the number of possessions that can fit into their lifestyle. This has major impacts on what and where they will shop and what they will buy.

More from Amitaabh and Omnyway tomorrow, including how retailers can prep for Millennials coming to their stores.

Tags: ecommerce, ecommerce trends, mobile commerce, mobile marketing, mobile payments, Omnyway

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