The retail industry continues to transform under the strong influence of e-commerce and an evolving consumer base. As the shopping landscape changes, more consumers, especially among millennials and Gen Z, enjoy the convenience of using e-gift cards in digital transactions, according to a new report from gift card provider Blackhawk Network.
The research found that shopping habits and preferences differ by age range, with 72 percent of millennials making e-gift purchases as well as branching out to use mobile apps (60 percent) gift cards in mobile wallets (44 percent) and mobile wallets (42 percent) for their mobile payment solutions, revealing a need for gift card e-commerce optimization.
Unlike baby boomers and Gen X-ers, Gen Z and millennial consumers are far more receptive to digital shopping, with 42 percent of Gen Z and 46 percent of millennials making regular monthly purchases via their mobile phones. Mobile shopping is far less commonplace among their elders, with only 29 percent of Gen X and 13 percent of boomers placing monthly orders for delivery on their mobile phones.
“With the digital age continuously transforming the shopping landscape, our research allows us to pinpoint key differences in behavior and payment adoption across generations,” said Theresa McEndree, vice president of marketing for Blackhawk Network.
“As interest in innovative shopping and payment tools continues to grow among younger generations, our findings indicate that the gap between e-gifts and physical cards is quickly closing for Gen Z and millennial consumers. We anticipate demand for e-gifts from these generations to continue to rise in the near term. By optimizing their digital gift card solutions, retailers can keep these younger consumers engaged by giving them the digital experience that they crave.”