More and more sites these days are using some form of peer-to-peer payments, including the likes of Facebook and Apple Pay. With that, various other companies could be getting on board — and millennials are a vital part of its success.
A report from JWT, initially reported by Adweek, that various companies, including established brands and start-ups alike, “are jockeying for position in a bid to capture a piece of the huge payments market, along with a mass of consumer data and the chance to boost customer loyalty.”
Along with apps and other similar payment methods, other forms of currency are also being looked at, according to JWT. “Marketers have been more creative in bypassing the currency system, turning everything from social media shares to mobile minutes into forms of value exchange.”
With that, JWT has come up with a few suggestions in terms of what companies can do to work with consumers on spending their money, including the following suggestions:
– Brands must prepare for a cash-limited future.
– Companies need to cater to millennial desires for expediency and ease of use.
– It’s important to compel consumers to opt in.
– Personalized marketing channels can increase communication with customers in a meaningful way.
– Security and privacy protection are essential considerations.
– Bartering can reinforce the value of a product as currency.
– Social currencies such as offering free products or services in exchange for social shares can drive engagement.
– It’s important for brands to embrace alternative currencies.
In addition, the infographic below breaks down the crucial necessity of millennials, and how their shift from traditional payment methods could be beneficial for companies. According to these stats, only 85 percent of millennials have used cash for purchases, compared to 10 percent higher from previous generations. In addition, credit cards aren’t used that much, with only 63 percent of those polled between the ages of 18-34 using one.
It looks like companies have some work to do to rake in the cash this holiday season.