At a recent event, the associate director of KPMG Liz Oakes said that the millennial generation is driving digital advancement. She pointed out that they have rapidly changing expectations of money and payments, and 85 per cent own a smartphone and that they spend more money online than any other generation despite having less income.
It is therefore unsurprising that recent studies have recorded responses from millennials that say they would buy everything online if they could or that this generation, also referred to as Generation Y, carries $200 billion in annual buying power.
Oakes mentioned rapidly changing expectations, which is an important factor for retailers because if they do not ensure their business models embrace innovative technology, people will be turned off and immediately switch to other, more appealing service providers.
The infographic below from Merchant Warehouse (now rebranded as Cayan) shows the importance the millennial shopper carries with him and also stresses what happens if retailers fail to recognise it.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
Insurers went online a long time ago, but one of the major challenges has been creating an online experience that can handle the relatively complex insurance “form-filling” process. Jonathan Attwood, CEO of Fospha, explains how his company's toolset can help insurers more accurately track their customers' behaviour.