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.
Parent-Assisted Payment Services
Teen Skincare Brand MDacne's AskToPay Helps Teen Online Shopping
Trend Themes
1. Teen Online Shopping - Disruptive innovation opportunities lie in creating secure and convenient payment platforms tailored specifically for the teenage demographic.
2. 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.
3. 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.
Industry Implications
1. 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.
2. 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.
3. Skincare - The skincare industry has opportunities to develop personalized products and treatment plans specifically designed for teenagers, addressing their unique skincare concerns.