15A – Figuring Out Buyer Behavior No. 2
Segment
- Young working adults from 22 to 35
- Initial geographic location: Singapore/ Asia
- Have enough spending power to travel overseas / purchase their own electronics, luxury goods, furniture and other "wants"
- Like to spend and enjoy and don't save as much as their parents ( Asian cultures generally save a lot more , but the newer generations think that they shouldn't save too much and want to enjoy periodically and not just after retirement)
For this set of interviews , I approached consumers/ end users again for find out all kinds of payment methods they have used.
Finding alternatives
For all the interviewees , they all have banks cards. They say the just use what is common and if many merchants allow payments through the system they are likely to use it (e.g paypal, apple pay, android pay)
One of them has a mobile wallet which their local bank has created which is growing in popularity by merchants adopting it.
They have also mentioned other forms of digital payments like starbucks card with rewards and credit and also has a digital wallet.
User-friendliness of digital payment solutions is important whether its online or on mobile. The speed of the app loading or login in or making payments is important. The easy to make payments is almost important (QR codes is more common and one person has tried near-field communication NFC payments)
They sign up for certain things for perks so the perks are somewhat important. They mention sometimes banks do give some benefits but have terms and conditions and are limited.
One of them has a mobile wallet which their local bank has created which is growing in popularity by merchants adopting it.
They have also mentioned other forms of digital payments like starbucks card with rewards and credit and also has a digital wallet.
User-friendliness of digital payment solutions is important whether its online or on mobile. The speed of the app loading or login in or making payments is important. The easy to make payments is almost important (QR codes is more common and one person has tried near-field communication NFC payments)
They sign up for certain things for perks so the perks are somewhat important. They mention sometimes banks do give some benefits but have terms and conditions and are limited.
How do they buy?
The segment is more likely to use digital solutions but it needs to be user friendly. One of them found the paypal app giving them minor issues with sending USD to another person with their foreign account that had USD but paypal "forced" the transaction to be in local currency with a conversion to USD
Post-purchase evaluation
For this part it is not really post purchase but a feedback/evaluation of digital payment systems.
Ease of paying/ availability to make payments is factor of why they continue to pay with bank cards. However , they feel more and more merchants are providing alternative payment methods and feel using mobile payments could be a likely future ( but needs to be secure)
They said user-friendliness was a factor whether they would continue using the service again.
One interviewee mentioned he was part of the issue where the bike-sharing operation pulled out of the country and user's digital wallet/credits could not be withdrawn as with most digital wallets by companies.
Post-purchase evaluation
For this part it is not really post purchase but a feedback/evaluation of digital payment systems.
Ease of paying/ availability to make payments is factor of why they continue to pay with bank cards. However , they feel more and more merchants are providing alternative payment methods and feel using mobile payments could be a likely future ( but needs to be secure)
They said user-friendliness was a factor whether they would continue using the service again.
One interviewee mentioned he was part of the issue where the bike-sharing operation pulled out of the country and user's digital wallet/credits could not be withdrawn as with most digital wallets by companies.
Cory,
ReplyDeleteI like the way you formatted your post. Usually, I refer to the exceptional students post and make a similar format, however you have inspired me to use my own next time. Your segment is very specific which is great, in that you have age, country, and monetary status narrowed down. I also found the alternatives that people use very interesting, and that user-friendliness was a main factor that they would consider when deciding whether to use the service again. I was not aware of how big of a role customer service is on online banking sites, etc.