Over 80 Percent Of Millennials Want In-App, In-Store Payments
Are retailers ready? Most have some catching up to do, according to a report from eMarketer.
Approximately 80 percent of Millennials are interested in taking checkout into their own hands with scan-and-go payments, scanning products in-store and then paying via an app, according to an eMarketer report based on research from Acosta — but only three percent of retailers have up-to-date “checkout and payment for a customer’s own device” in place.
Millennial and Gen-Z shoppers haven’t completely turned their backs on “traditional” in-store commerce. But this growing disconnect could prove a serious issue for retailers at a time when many long-standing brick-and-mortars are struggling to drive foot traffic.
After all, smartphones “increasingly factor into the retail experience, and younger people are leading in usage,” the report states. “The Acosta data is consistent with findings that the majority of millennials would pay for purchases in-store using an app.”
Approximately 82 percent of Millennials believe it’s important for a brand to have physical stores, and statistics like this indicate that younger shoppers still desire the unique experience that brick-and-mortars can offer. But the friction caused by long checkout lines or understaffed retail flagships is more of a turn off than ever; after all, with same-day on-demand delivery expectations, it’s a rare consumer who will put up with an excessive wait.
As such, it pays for retailers to invest in updated POS checkout lane technologies now — whether that means accepting a wider range of mobile payments and/or enabling scan-and-go in app payment.
Plenty have wondered if the “tipping point” for contactless pay has actually arrived, but Acosta’s research indicates that the appetite is certainly there — and that 80 percent of Millennials interested in scan-and-go payments could represent up to $160 billion in purchasing power.