Millennial male consumers take the lead in mobile credit card payments
September 23, 2013

Mobile credit card payments may be allowing businesses to access revenue from a wider consumer audience. Not everyone is keen on the concept of visiting brick-and-mortar stores and spending significant amounts of time shopping on a regular basis. As smartphone and tablet technology continues to advance, demographic groups that are typically averse to the traditional retail experience are finding more reason to stay home. However, this doesn't mean businesses should write off these consumers as hopeless to their long-term revenue strategies.

In fact, a new report from eMarketer measuring the digital behaviors of millennial men suggested there is a unique opportunity for retail companies to increase sales from unlikely consumers by implementing integrated payment systems. The study found men aged 18 to 34 are not only highly active Internet users, they are also especially interested in the convenience of e-commerce. Nearly 92 percent of the adult male consumers surveyed said they use the Internet regularly. Similarly, 70 percent of millennial men use smartphones, and the report predicted that number will increase to 92.1 percent by 2017.

Growing market for e-commerce
More tellingly, however, is the fact that more young men are becoming the primary shoppers in their households. According to eMarketer, this generational change has resulted in an increased popularity of mobile payment integration. The report found 40 percent of survey respondents would ideally buy everything online if they had the option. This trend isn't just occurring among young men, either. A previous eMarketer report, which studied the e-commerce habits of the broader millennial generation, found a majority of young adults, regardless of gender, typically spend more than one hour shopping online every day.

There are several ways businesses can take advantage of these changing behaviors to maintain steady profits and increase customer satisfaction. The ability to accept mobile payments is a reliable way to make the shopping experience as convenient as possible for consumers. However, most young adults use their smartphones and tablet devices for additional purposes related to retail, as well. For example, a recent study from Ipsos Public Affairs Research and RetailMeNot, an online coupon website, said 51 percent of online shoppers around the world are more likely to make purchases if they are able to access special deals or discounts beforehand. As a result, businesses may want to consider supplementing their integrated payment systems with gift card programs and loyalty programs that reward returning customers with coupons and reduced prices.

Nexus: G-WEBCD3