Millennials, millennials, millennials. While some may be sick of discussing the influence of this tech-savvy generation of consumers, omnichannel merchants just don’t have that luxury. This month’s Vantiv Omnicommerce Tracker makes the case for why keeping pace with the changing digital landscape means paying attention to the channel-hopping age group that will soon dominate the market.
If not, you should be. It’s estimated that millennials today carry purchasing power worth nearly $200 billion and they are more than ready to utilize the services and technologies that will help them spend it. They are ready and willing to use digital tools – ranging from mobile devices and beacons – to help aid their quests to find the best deals across channels. But it seems as though many omnichannel merchants may not be ready to provide the mobile and social shopping experiences this generation craves.
Research shows that smartphone-owning millennials place value on a retailer’s ability to utilize technologies — and they tend to be more loyal to the brands that stay up to date on the latest technological advances. But these savvy shoppers also want shopping experiences that are not only secure, but also deliver what they want, when they want it.
The February issue of the Vantiv Omnicommerce TrackerTM, powered by PYMNTS.com, highlights the increased popularity of omnichannel services like click-and-collect, examines why beacon adoption among merchants isn’t where the industry thought it would be, and compares the advantages and disadvantages of operating by a pure-play retail versus omnichannel model.
This month’s PYMNTS’ Viewpoint takes a look at the impact millennials are having in the omnichannel space, as well as the struggle some merchants face in trying to keep up with this generation of rapidly changing digital natives.
As millennials continue to plug into mobile and social shopping experiences, essentially disrupting traditional shopping patterns, retailers are still struggling to capitalize on the changing behaviors.
“Millennials are savvy shoppers and many have come of age in a post-recession era; our research shows that this group routinely comparison shops on mobile to get the best value and shopping experience, but the market has not yet capitalized on those habits,” Rodney Mason, GVP of Marketing at Blackhawk Engagement Solutions, recently stated in reference to the path-to-purchase habits of this influential demographic.
About the Tracker
The Vantiv Omnicommerce TrackerTM, powered by PYMNTS.com, features industry-spanning research and insights that arm retailers with data to make smarter decisions for enabling omnichannel commerce.