Mobile commerce is set to become the luxury shopping experience of the future, according to new research from Worldpay. More than one third (37%) of U.S. consumers are willing to pay more for a product or service providing that they can get a superior shopping experience with mobile, according to the study.
When millennials (defined in the study as those between the ages of 18 and 24, but generally defined as between 22 and 35) are broken out, the number rises to 44%, which is twice as high as consumers older than 65.
“Online merchants that can deliver the right experience have much to gain, as shoppers are making bigger, more valuable purchases via their smartphones and are even happy to spend more with merchants that deliver a better experience,” Shane Happach, executive vice president and head of Global Enterprise eCommerce, said in a press release.
Apps are the channel of choice for 68% of consumers, but competition for app space on individual mobile devices is fierce. U.S. consumers have downloaded an average of seven apps compared to a global average of 10.
The U.S. is behind the rest of the world in the mobile app revolution, as a third (32 percent) of consumers still prefer to purchase items via a mobile browser compared to an app – higher than almost every other country surveyed.
Security concerns are the top reason consumers abandon shopping carts while shopping on mobile. Additionally, 77% will only download apps from brands and retailers that they trust.
The research was compiled in partnership with Opinium and interviewed 16,000 consumers who have purchased goods on their mobile device in the last 3 months in Australia, Brazil, China, Germany, India, Japan, South Korea, the U.S. and UK. In the U.S., the study polled 1,515 consumers.