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Millennial and Gen Z shoppers make up around 42% of US consumers1 — and their push for simple, convenient digital payment methods is transforming checkout. Offering the mobile-first social commerce experiences these consumers prefer can help businesses grow their reach with new customers — and increase sales.
Younger generations practically live on their mobile phones, with Gen Z averaging six hours and five minutes on their phone each day, while Millennials average four hours and 36 minutes, according to a recent Harmony Healthcare IT survey.2 Understanding how to reach them can unlock new customer groups for your business.
These mobile-first consumers prefer seamless social experiences, even when it comes to payment. They want an easy way to split the bill at dinner and post about their purchases on their socials — and they prefer digital payments to cash.3
The largest specialty retailer of professional audio, video, and photography gear in New York City, Adorama, was one of Venmo’s early adopters and still uses it to help grow the business’s reach with younger customers. “We’re actively working to ensure we stay relevant to a new generation of consumers, and Venmo is essential to that mission,” says Adorama CTO/CIO Hania Batia. “If you want your business to be around for the next 20, 30, or 40 years, then you may want Venmo.”
Offering Venmo lets businesses tap into a large and attractive user base that loves its simple checkout experience:
Best of all, Venmo’s active users have a 73% conversion rate.7 And they’re highly engaged with Venmo — it’s mentioned on social media every nine seconds.8
Venmo’s dynamic features make it a versatile choice — for both customers and businesses. Here are some ways to leverage its features to help reach more customers and boost sales.
Venmo has its own social feed, which is always buzzing. Users love sharing about their purchases, and their friends can like and comment on their posts — or even visit a linked business profile. This can be a seamless way for you to amplify your brand. Returning the love with a quick thank-you post can also help build loyalty and word-of-mouth to attract more customers.
When busy customers want to grab a quick lunch with friends, Venmo makes it easy for them to split the bill, using their preferred payment method like a linked bank or credit card. Or they can instantly use their Venmo balance to pay.
When Venmo users receive money on the platform, it goes into their Venmo balance. Instead of sending it to their bank account, many keep it in Venmo as “fun money” to spend on things like entertainment or unplanned purchases. And active users who keep a Venmo balance had an average of $211 there each month in 2023.9 Making it easier for customers to spend their “fun money” with your business can help boost sales, especially for products or services that could be impulse buys.
Venmo helps make it easier for businesses to meet new customers where they live, shop, play, and pay — on their mobile phones. Offering customers a familiar, quick, and secure social commerce experience with their preferred payment methods can help businesses reach new customers, boost conversion, and build loyalty.
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