While many marketers are focused on serving Millennial consumers, teen online shopping and the spending power of this younger demographic have yet to be fully realized.
MDacne is a teen skincare brand that specializes in providing personalized anti-acne treatment cream, along with a customized treatment plan. MDacne recently partnered with AskToPay as a convenient new way to support teen online shopping, yet keep parents in the loop.
When it comes time to make a purchase, teens are able to send a payment request to a parent via WhatsApp, SMS or Facebook Messenger to complete the transaction. As AskToPay CEO Avihai Michaeli points out: "Today, numerous teens visit e-commerce sites on a daily basis without the ability to complete a purchase." Teens also have the ability to record a 15-second video when it comes to explaining why their parents should support the purchase.
Why This Trend Is Growing
- Teen Online Shopping
- Disruptive innovation opportunities lie in creating secure and convenient payment platforms tailored specifically for the teenage demographic.
- Parent-child Financial Technology
- The integration of payment services that involve parents in the purchasing process presents opportunities to tap into the spending power of teenagers while maintaining parental oversight.
- Personalized Skincare for Teens
- There is potential for disruptive innovation in developing skincare products and treatment plans that are tailored to the unique needs and preferences of teenagers.
Industries Being Reshaped
- E-commerce
- The e-commerce industry can explore innovative payment solutions that cater to the teenage market and facilitate seamless transactions between teens and their parents.
- Financial Technology
- Innovations in financial technology can create platforms and apps that enable secure and easy payments between teens and parents, while ensuring transparency and control.
- Skincare
- The skincare industry has opportunities to develop personalized products and treatment plans specifically designed for teenagers, addressing their unique skincare concerns.
