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Tech Talk: Payments gen y and gen z your assumptions are wrong


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Tech Talk: Payments gen Y and gen Z your assumptions are wrong_vyze_filak

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Tech Talk: Payments gen y and gen z your assumptions are wrong

  1. 1. Payments, Gen Y, and Gen Z: Your Assump5ons are Wrong Doug Filak, Chief Marke2ng Officer, Vyze
  2. 2. GETTING TO KNOW MILLENNIALS AND GEN Z Gen Z (Born 1995-2009) 69 Million in size 631 credit score $44 billion in spending power 8 hours average daily screen time Millennials (Born 1981-1994) 92 Million in size 672 credit score $65 billion in spending power 33% still live with their parents
  3. 3. MYTH: Millennials and Gen Z dislike credit
  4. 4. 672 REALITY: THEY WANT CREDIT 53% of Millennials are most likely to use credit to pay for their purchases 72% of Millennials know what their credit score is 42% of Gen Z know what their credit score is 71% of Gen Y & Z are comfortable carrying a balance on a credit card 47% of Millennials are most likely to use cash for their purchases
  5. 5. 59% have more than one credit card in their wallet WHAT’S IN THEIR WALLET? 37% have more than two store cards in their wallet
  6. 6. HOWEVER, THEY WANT CLARITY & TO UNDERSTAND MORE What Millennials and Gen Z wish they knew more about before applying for credit 54% Interest rates 42% Promotions & rewards 39% Credit limits 34% Repayment 46% My credit score
  7. 7. MYTH: Younger generations love alternative payments
  8. 8. REALITY: THEY PREFER TRADITIONAL OPTIONS Would you prefer an installment loan or retail credit card? 25% 75%
  9. 9. MAJORITY OF GEN Y AND GEN Z TRUST BANKS…FOR NOW 14% 32% 20% 34% Other Retailers Banks
  10. 10. MYTH: Young shoppers only want to shop online
  11. 11. REALITY: THEY ARE MORE OMNICHANNEL THAN EVER 14% Like to shop via a mobile device 38% Prefer to apply for store credit online 36% Prefer to apply for store credit in-store 22% Want to use their credit equally between online & in-store channels
  12. 12. MYTH: Retailers must completely change their business to cater to younger generations
  13. 13. REALITY: EVERY GENERATION MORE OR LESS WANTS THE SAME THING The convenience to shop whenever and however A seamless customer experience Payment options that truly fit their lifestyle ALL CUSTOMERS ü  51% of customers want a simple credit application process ü  41% of customers want a fast approval process and checkout ü  4 in 10 customers think it’s valuable to be offered multiple credit options ü  80% of customers would rather have a store credit card than an installment loan ü  44% of customers want the flexibility to apply for credit both in-store and online ü  89% of customers will return more than twice, to shop at stores they have a credit card with
  14. 14. HOLIDAY OUTLOOK: THEY ARE MORE SIMILAR THAN DIFFERENT How Millennials and Gen Z think about checkout and payments is not all that different from older generations. The major difference? Millennials and Gen Z are just beginning to reach milestone life stages (buying a house, starting a family) that Gen X and Boomers have been in for years. More spending power is on the way! Over 50%Of each generation will look to gift electronics and apparel 67% of Gen Y & Z vs 72% of Boomers say price will influence what they buy 50% of Gen Y & Z will want to pay for purchases with a credit card or store card 57% of Gen X and Boomerswill want to pay forpurchases with a creditcard or store card 2017 Holiday Outlook
  15. 15. In Conclusion: Millennials and Gen Z aren’t revolutionary, they’re evolutionary
  16. 16. A SOLUTION FOR EVERY LIFE STAGE 16 Vyze uncomplicates traditional retail credit for retailers, lenders, and consumers. Our leading technology platform connects retailers with a network of lenders so that they can provide purchasing power to every customer demographic. Delivering results for leading retailers Full credit spectrum lender network
  17. 17. EMPOWERING GROWTH FOR EVERY GENERATION Problem Over 1 million customers declined for credit annually How Vyze Helped ü  Connect Retailer with additional lenders offering credit to a broader segment of customers ü  Integrated into POS terminal and automatically prescreens declined customers for other offers Results 65% of total financed sales are repeat 28% Incremental approval rate 80% Incremental sales Problem Making fitness equipment available and affordable to more customers How Vyze Helped ü  Building a multi-lender credit program to approve as many customers as possible ü  Bringing an integrated ecommerce experience to checkout Results 17% Increase incremental credit sales 40% In annual tech savings Top 5 STORES Retailer Multi Million Fitness Retailer