This year, more consumers than ever before are using their smartphones to shop during the holiday season, according to new research from PwC. The survey among 2,071 respondents found that smartphone-based shopping transactions will grow 16% in 2018 from 12% in 2017.
Furthermore, 30% of consumers are using smart payments in stores via their smartphones (24%) and wearables (16%). Millennials earning over $70,000 are twice as likely to pay by smartphone than other generations.
Among Gen Z, 50% of respondents said they were planning to shop using their smartphones, with 39% of customers using “buy” buttons and 25% making purchases via shoppable photos.
The survey also revealed that 62% of high-earning millennials are following a specific brand on social media. Furthermore, 37% of 17-36-year-olds are open to influencers and finding inspiration on social media.
However, Gen Z continues to be the most savvy social media generation with 55% of them paying attention to social media influencers whom they aspire to. When it comes to holiday shopping, Gen Z takes inspiration from social media (49%), but also Google product reviews (52%) and Google price comparisons (51%).
The shift toward mCommerce is likely to benefit social media players such as Facebook, Instagram and Snapchat who have been bolstering their online shopping features.
Additionally, social media influencers are likely to benefit from a more mobile-focussed shopper who’s seeking inspiration.