This demographic is not finding the mall atmosphere as attractive and interesting as previous generations at their age.
The trend away from the mall shopping experience is a considerable one among Millennials in the United States as well as many other countries, opening a considerable opportunity for retailers to reach this consumer demographic by way of mobile marketing, says a recent JLL Research report.
The firm’s report concluded that retailers need to use ads and promotions over smartphones and tablets to reach Millennials.
The report summary indicated that while the demographic has cash to spend, and they are also armed with some of the latest in electronics, smartphones, and tablets. They pointed out that young adult consumers who were born between the years of 1980 and 2000 are already spending an estimated $600 billion each year in the United States. Moreover, the amount of spending is growing, which means that the ideal mobile marketing opportunity is now being formed, and retailers will miss out if they don’t take hold of that chance.
Mobile marketing will, said the report, be a vital method of carving out a piece of that spending pie.
The report also outlined that Millennial retail spending “shows no signs of slowing. In fact, they’re on track to spend $1.4 trillion annually by 2020, accounting for roughly 30 percent of all retail sales.”
The JLL Research report suggests that retailers focus on mobile ads that are geared toward consumers between the ages of 18 and 34. This is the age group that sees the world through technology and they are among the most likely to use their mobile devices to shop when it comes time for them to make a purchase. They research products, compare prices, consult with peers, and read online reviews to help in making their final purchase decisions.
Among the largest mobile marketing recommendations that the firm made was in terms of coupons and sales that can be redeemed through the use of a smartphone or tablet. Like everyone else, Millennials love a good deal and are responsive to coupons and targeted promotions that they discover on their favorite devices.
Rocket Internet receives sizeable investment from the Philippine Long Distance Telephone Company
Rocket Internet, an e-commerce incubator based in Germany, has announced that it has received an investment from the Philippine Long Distance Telephone Company. The investment means that the telecommunications company has taken a 10% stake in Rocket Internet. Through this deal, both companies will be able to tap into the other’s expertise, especially when it comes to mobile payments and e-commerce.
Companies will work together to develop new technologies and mobile-centric services, focusing on mobile payments
Together, the two companies shave plans to develop new mobile and online payment technologies. These technologies are meant to be put to use in emerging markets, where mobile commerce is beginning to show promising activity. The Philippine Long Distance Telephone Company has expertise in the mobile payments space and will be making use of technology from Rocket Internet to empower its position in the mobile commerce market.
Mobile commerce is growing quickly in emerging markets where smartphone and tablet penetration is on the rise
Mobile payments are becoming more important to consumers throughout the world. This has to do with the high penetration of mobile technology. More people are beginning to rely on smartphones and tablets in their daily lives and, as such, are beginning to demand access to comprehensive services that are mobile-centric in nature. Companies are beginning to understand this demand and take steps to accommodate the needs of consumers in many parts of the world.
Many of those in emerging markets do not have access to a bank account, but that may change as mobile commerce services become more available
Mobile commerce is becoming particularly popular among those without bank accounts. Many mobile platforms are able to digitize a person’s finances without having to be linked to a bank account. According to the World Bank, many of the world’s emerging markets are filled with people that do not have a bank account of any kind. Better mobile services may change this in the future, as people may see the value of the security that banks offer when it comes to their financial information.
