As teenagers go off to college, they are on their own for the first time and are able to form the habits that will carry them into adulthood. This is when they figure out how to shop, eat, and get around for themselves. So if you want to see how new technology is being integrated into people’s day-to-day habits – or know the future of mobile commerce – you just need to ask the kids. That’s what we did. GGV Capital surveyed 350 college students from Stanford, Harvard, Duke, and Ohio State to see how they are shopping on mobile. Here are some of our findings:
- What they buy: Millennials purchase a wide variety of products and services on their mobile devices. 48% have ordered restaurant delivery or bought clothing or accessories – about the same amount who have bought games on their mobile devices (49%). This is how quickly mobile is being adopted for offline goods and services.
- When: 61% of Millennials purchase something on mobile at least once a month. This shows how quickly m-commerce on campuses is being adopted. Interestingly, three out of four of the largest reasons for abandoning a mobile purchase is due to poor user experience (site not loading, difficult checkout, or lack of mobile optimization), which suggests that it is the retailers and not the students who are preventing more adoption.
- Where: Most are using retailer and brand apps, so what Millennials purchase on mobile are currently being led by offline preferences. However 25% are using social commerce apps, meaning social and commerce are intersecting more and more on mobile. This is reinforced by that fact that more than half are also using mobile to send photos or call friends and family for advice on purchases.
- How: Most are entering credit card information to make payments, but nearly 25% are using mobile wallets. And when not making actual purchases on mobile, they are using mobile to research purchases. More than half look up reviews and compare prices on mobile.
It’s therefore of little surprise that the value of their purchases is also increasing as we found that one third have made at least one purchase over $100. But with only 7% of respondents saying they bought groceries with their mobile device it’s clear that there remains a lot of opportunity for growth for retailers as Millennials purchase more with their mobiles.