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Digital-Friendly Retailers Make Gains With Millennials

[Friday, April 28th, 2017]

Retailers without a mobile-friendly component are suffering in the wake of the digital revolution, according to recent statistics that examine the buying and shopping habits of the younger generation.

Millennials are embracing technologically advanced merchants, like Domino’s Pizza, Tinder, Grubhub, Square, and Generation NEXT Franchise Brands. Brick and mortar retailers who don’t cater to the mobile-payments and smartphone crowd are struggling to keep up in the face of these advances, especially considering the Millennial demographic has huge buying power and makes up nearly 25% of the entire population. The 18-35 set is responsible for about $200 billion in purchases each year.

Low APR credit cards and tech-savvy young people: a lucrative match

One reason young people love the convenience of mobile payments is that they can use low-APR credit cards to make purchases straight from their mobile phones. Rewards credit cards with low-interest rates are popular with young people, and uploading their account information to their mobile wallets so they can use the cards to pay for pizza, meal delivery, dating app membership fees, and other on-the-go purchases helps encourage spending.

Pizza delivery of the future

Pizza Hut is one retailer that is doing especially well with the tech-savvy millennial crowd. Their stock has risen more than 2,000% over the last seven years. That’s a bigger jump than tech bigwigs Apple, Amazon, Facebook, and Google. Dominos has scored with their mobile app, with “zero-click” online ordering and the ability to track pizza delivery via mobile phone, Apple Watch, Facebook, and Twitter. Soon pizza delivery people may even be a thing of the past, as Pizza Hut is developing drones and robots for automated food delivery. Tests of automated pizza delivery have already begun in Europe and New Zealand.

Dating on demand

The Match Group has also seen great success with its mobile app, Tinder. The Match Group is also the parent company of websites Match.com and OkCupid, but Millennials favor Tinder, which allows them to swipe right or left on pictures of prospective dates, rather than filling out long surveys or writing detailed biographical descriptions of themselves. Tinder’s revenues grew about 15% in 2015 and 20% in 2016. The result of Tinder’s popularity may be that couples are hooking up faster, spending less time in bars and nightclubs hunting for a mate.

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