Dive Brief:
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According to a new report from the business-to-business payments platform BillTrust, 51% of consumers plan to buy most of their gifts via their smartphones, with 57% of millennial consumers completing purchases via mobile. Outside of just mobile, 74% said they would do most of their holiday shopping online.
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Millennials aren't the only ones using mobile technology over the holidays. Fifty-seven percent of Gen X and 51% of baby boomers said they plan to use mobile wallets or digital payment apps during the holidays, per the report.
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Forty-one percent of consumers have a better perception of brands that offer multiple payment options, but 19% of consumers have a negative perception of brands that don't offer flexible payment channels, the report found.
Dive Insight:
BillTrust's report builds on previous research that more shoppers are making their holiday purchases via mobile devices. A report from marketing technology firm BounceX projected higher conversion rates via mobile than on any other device.
It's also worth noting that peer-to-peer payment tools are gaining ground for holiday monetary gifts. Only 12% of shoppers want to receive monetary gifts via check, per BillTrust's report. While cash remains king, 25% of respondents to BillTrust's survey said they'd rather get gifts via a peer-to-peer payment platform.
The report also indicates that there are opportunities for retailers to take advantage of voice payments. Per the study, 15% of millennials plan to use voice payments through voice-enabled devices like Amazon Alexa and Google Home during the holiday season compared to 12% overall. Consumers have increasingly used voice-enabled devices for purchases.
As it turns out, having multiple payment options may be one of retailers' secret weapons in winning over holiday shoppers. Payment companies like Alipay, Afterpay and Klarna have increasingly partnered with more retailers in the U.S., and retailers are also integrating Apple Pay and other payment platforms into their operations.
