Younger consumers are more willing to pay for a better mobile payments experience, according to a new report from Worldpay.
Some 37 percent of U.S. consumers would be happy to pay more for a product or service if the mobile shopping experience is better, according to the Worldpay study. This number rises to 44 percent among consumers aged 18-24, who are twice as likely as older consumers (65+) are to reward brands that give them a “five-star” service.
“The U.S. mobile commerce market is booming, set to double in size within five years, but it is also among the most demanding,” Shane Happach, executive vice president and head of global enterprise e-commerce, Worldpay, said in a press release about the report. “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.”
Worldpay’s findings are based on a survey of 1,515 consumers in partnership Opinium.
A couple of more key findings in the U.S. include:
- Although apps are the channel of choice for the 68 percent of consumers, competition for app space is fierce. U.S. consumers have on average seven apps downloaded onto their mobile device, compared to a global average of 10.
- Security concerns are the number one reason for smartphone basket abandonment. More than three quarters (77 percent) only download apps from brands and retailers that they trust.