Understanding Millennials Mobile Shopping Behaviors: An Implication for Insurance Industry

Mobile commerce is rapidly growing, providing financial institutions increasing opportunities to attract customers and build relationships. Although Millennials have the largest buying power and are constantly using their mobile devices to shop, certain financial institutions have not been successful in taking advantage of m-commerce in building relationships with these consumers. Thus, this study investigates Millennials’ use of mobile shopping and intention to purchase using the mobile devices while taking into consideration of perceived financial risks, social influence, convenience, and satisfaction. The findings will provide insurance industry with two major implications as to 1) how can a salesperson interpret Millennials’ consumer behavior to participate in the organization’s pursuit of customer engagement and 2) how can a salesperson harness the capabilities of mobile shopping to create value. The findings of this study indicate that the perceived usefulness and ease-of-use influence attitude toward using mobile device for shopping, Perceived enjoyment is not a significant factor affecting attitude. Attitude is a strong predictor of the intention to use mobile devices, indirectly influencing the intention to purchase using mobile devices. Our results found that social influence didn’t show a significant effect towards the intention to use mobile devices for shopping but it has a significant influence on the purchase intention using mobile devices. Perceived financial risk appeared not to have an effect on the intention to use mobile devices for shopping. The results showed that the convenience is a strong predictor of purchase intention using mobile devices.