Millennials willing to pay more for a top mobile experience
Millennial consumers are willing to spend more if the return is a five-star mobile experience, according to a Worldpay research report.
The research predicts mobile payment apps may become the "luxury shopping service" of the future despite the fact that the U.S. lags in terms of the global mobile app revolution. About one third, 32 percent, of U.S. consumers still prefer using a browser/website for mobile purchase rather than an app, according to a press release on the report.
The Mobile Payment Journey report polled more than 16,000 people across 10 markets. Thirty seven percent of U.S. consumers would be happy to pay more for a product or service if the mobile shopping experience is better and the figure rises to 44 percent among millennials. While apps are the channel of choice for the 68 percent of consumers, competition for app space is fierce. Today's U.S. consumers have on average 7 apps downloaded onto a mobile device, compared to a global average of 10.
"The U.S. e-commerce market is booming, set to double in size within five years but it is also among the most demanding. Consumers are reluctant to download new apps, and quick to axe those that don't prove valuable, meaning it is no longer enough for brands to develop an app for purely functional purposes," Shane Happach, EVP, head of global enterprise e-commerce, Worldpay, stated in the release.
Companies: Worldpay, Inc.