Millennials have been blamed for a lot and by a lot we mean everything! But in 2019, that’s about to change because failing to win them over can mean the difference between growth and death for an industry.
Wondering who are millennial’s?
Well, they are as of now growing up, moving out of their parents’ homes and possibly even having children of their own. But that, however, doesn’t mean that their taste has in any way is now similar to the generation before them.
To keep up with the millennials shopping trend here are a few things you should keep in mind:
1. Retailers Must Be Digital and Corporeal
We need to consider the concept of omnichannel- be where your customers are, whether they’re online or at a physical location.
However, bridging the gap between digital and physical is easier said than done. And for retailers who figure it out, it’s the best reward.
Although consumers in India shop more frequently online, they still do prefer marketplaces. Nearly 94% of consumers globally prefer shopping online and it remains unchanged year-over-year. The frequency of online shopping is accelerating.
Globally, a ratio of 35% of online shoppers is said to make an online purchase at least weekly. In India, however, 68% of online shoppers are purchasing from a marketplace, as opposed to shopping with an online brand.
2. They’re Open to Social Commerce
You might have noticed that there has recently been a rise in Instagram based stores, maybe someone you know owns one. While buying off social media may be off-putting to the older generation.
Millennials, however, are open to the idea of purchasing from social sites. According to a survey conducted for eMarketer in December 2018, around 35% of millennials made a purchase on social media.
Around 30% said they hadn’t done so by far but were open to the idea. 18- to 34-year-olds were more complacent with the idea of buying from social media than older cohorts. The takeaway? Retailers should make sure that their social media strategies don’t ignore the “buy” button.
3. Don’t Forget About Email!
While E-mail might not be in the same league as the new poppy social media, but it remains a workhorse of digital marketing that delivers results.
Research indicates that it serves as a security blanket for millennials making online purchases. A survey conducted on US digital shoppers showed that 62.4% of those ages 18 to 24 had experienced a brief moment of panic after failing to immediately receive a purchase confirmation by email.
Retailers need to keep in mind these statistics and spare the younger shoppers some stress by making sure that their emails arrive quickly after an online transaction.
4. They’re Ready for Innovation
Emerging technologies are always looked up by the millennials. According to US and UK polls, more than 60% said they would be comfortable using visual search tools.
Content that are shoppable such as clickable images and videos was popular among a majority of respondents. But not all technologies received equal views.
A minority of those polled were similarly open to using augmented reality (AR) or live chat and messaging to shop online. Retailers need to make some right investments when it comes to technology.
5. Bring on the Robots
Millennial are more likely to pass human interactions than any other generation.
Surveys have concluded that more than half used self-service checkouts and only 7 % were uninterested in ever using the technology.
Even with all the customer service, millennial’s want to do it all alone.