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|Latest Vantiv ShopTalk Survey Finds Millennials and Gen Xers Are Interested in New Ways to Redeem Offers|
Latest Vantiv ShopTalk Survey Finds Millennials and Gen Xers Are Interested in New Ways to Redeem Offers
Study reveals more than half of Millennials and 42 percent of Gen Xers want mobile wallets to redeem loyalty points, rewards and marketing offers
Vantiv contracted Socratic Technologies to survey 500 consumers about their experience and preferences redeeming offers, as well as their usage of digital assistants. Surprisingly, the survey found that 22 percent of all consumers questioned prefer mailed coupons compared with other methods, while only six percent of Millennials prefer this method. Overall, younger consumers are using a wider range of ways to redeem offers. Instead of traditional mail, 24 percent of Millennials and 18 percent of Gen Xers prefer scanning a QR Code from their mobile phone, compared with five percent of Baby Boomers.
"With mobile payments adoption on the rise, merchants are searching for new ways to keep customers coming back," said Tony Rose, director of mobile product management at Vantiv. "One way merchants can increase brand loyalty is with offers such as mobile coupons and loyalty programs, but most merchants don't know how to use these programs because they don't know their customers' preferences. We believe merchants would best be served to invest in new technology such as putting smart targeted offers and coupons into mobile wallets where they are organized and transmitted automatically, offering not only environmental benefit but a much more convenient consumer experience."
Not only are younger generations leading the charge for alternative ways to redeem offers, Millennials and Gen Xers are also the most likely to share promotions with their family and friends, especially through social media. The ShopTalk survey shows Millennials and Gen Xers (43 percent) are more likely than Boomers (12 percent) or Retirees (three percent) to share promotions through Facebook. Furthermore, Millennials are most likely to share promotions through email compared with other generations.
Vantiv ShopTalk also asked consumers about their sentiment towards digital assistants, such as Apple's Siri and Microsoft's Cortana, and found that respondents use digital assistants for much more than weather forecasts. While looking up answers to general questions on the internet is the most commonly performed activity by digital assistants, the survey found that 54 percent of respondents ask digital assistants to provide news updates and 49 percent to manage calendar invites. It's clear that artificial intelligence (AI) and machine learning in digital assistants are advancing at lightning speed, but there are still challenges hindering mass adoption. The survey found being unable to recognize voice commands (65 percent) and not getting the correct results on the first try (60 percent) are the top reasons for digital assistant dissatisfaction.
ABOUT SOCRATIC TECHNOLOGIES, INC.
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the second largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, eCommerce, and merchant bank. Visit us at the new www.vantiv.com, or follow us on Twitter, Facebook, LinkedIn, Google+ and YouTube.