“Millennials (also known as the Millennial Generation or Generation Y) are the demographic cohort following Generation X. There are no precise dates for when the generation starts and ends; most researchers and commentators use birth years ranging from the early 1980s to the early 2000s.” – Wikipedia
Millenials are those who were born between 1980 and 2000, and they are changing the face of retail. According to two studies: First study was conducted in April 2015 and surveyed more than 500 millenials, focusing on specific shopping behaviors. Second study was conducted in October 2015 and included an additional 500 millenials and their mobile app and gift card preferences. The results presented that millenial shoppers are glued into mobile and social retailing. This has completely disrupted historically traditional shopping patterns. In the U.S., millenials roughly spend $600 billion and they account for almost a third of all retail sales. Accenture predicts that by 2020 Millenials will account for nearly $1.4 trillion in spending power.
This article will help you, retailers, gain knowledge about the daily habits of millenials when it comes to shopping. After reading this, you would probably want to further examine and enhance your e-commerce site to gain more shoppers.
Millenials are Sensitive to Price
They can get a bit meticulous about prices. Make sure your products have a reasonable price in order to convince millenials. More and more people have now become sensitive to price compared to last year. Also, price has the greatest influence on millenials’ purchase decisions above all other factors including: brand, quality, and availability. Comparing prices is easier since it is online, millenials would choose to buy something where they can still save on it.
People nowadays are usually attached to their smartphones. Everything we do includes the use of our phones and that goes the same with shopping, afterall, shopping online requires minimal effort. The best way to stay relevant with this generation is to consider having a mobile-resposive ecommerce site.
Gift Cards are Believed to be Safest for Online Shopping
Millenials are very familiar with cyber security issues and identity fraud. In fact, they have grown sensitive with these topics. 64 percent of millenials believe that it is much safer to use gift cards online than any other digital payment method, and they also believe that gift cards limit identity fraud. By offering such gift cards or other payment modes can attract sensitive shoppers.
Millenials are Interested in Brands
Social media and other technology enhancements have helped bridge the gap between shoppers and brands. The more shoppers relate to your brand, the more chances that they will become returning customers. According to a recent survey by Androit Digital, 65% of millenials feel that they are as loyal to brands as their parents.
Millenials Consider “Buy Online, Pickup In Store”
More people consider buying online and picking up in store to save $10 on a $50 item. It has been found out that it is much better for retailers who ship to offer a discount in store pick-up because it creates perceived value and saves shipping and handling cost and drives traffic to the store.
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