Millennials have received tremendous focus in marketing studies, for good reason. They are emerging as a powerful purchasing force. As a result, articles abound that describe their idealism, their interest in local businesses, and their technological interests. If you own or run a business, these studies should help push you toward a focus on newer payment technologies. For Canadian millennials, this means a focus on mobile, contactless payments.
Focus on Technology
Millennials have lived their entire lives watching technological options grow. It's no longer enough for them to be able to make electronic payments. In Canada, that is the norm for virtually everyone. Canadian millennials are quick to adopt new technologies in all walks of life. They seek out ways to make their lives more convenient, so they can focus on pursuing their goals without slowing down for the more mundane aspects of life. If you can simplify the way they pay for goods and services by providing a contactless payment option, it gives you an important boost in being able to meet millennials' expectations while serving their needs.
Millennials and Smartphones
One particular focus that millennials bring is their constant connection to their smartphones. Millennials average over three hours of screen time every day, and rarely do anything without their phones. This does not mean they don't interact with the world around them, of course. It simply means that they interact differently, and maintain a connection through the technology they always bring with them. Instead of moving between their phones and their lives, they move through their phones. For your business purposes, this means you need to have options available for millennials and other customers to pay through mobile devices, whether at the point of sale or away from your physical location.
The Convenience Factor
Much of this comes down to providing millennials with the convenient options they have come to expect. Much like the shift in the early 20th century to mass car ownership, the technological revolutions that led to today have allowed millennials to assume that there are—or should be—easier ways to accomplish most of the tasks they must do. You should see this not as a matter of entitlement, but as an expectation that comes from experience. Mobile developers create new apps every day, and millennials tend to be the earliest adapters. The technology exists to pay for products with a wave of a phone or tap of a card, and millennials expect to be able to use it.
Contactless payment processing may feel new to you, but it is here and available. For you to remain attractive to Canadian millennials, you have to be able to provide this kind of service. The more you do to make buying convenient, the better able you will be to attract these critical customers.