This article was contributed by Audrey Zack.
How do millennials think when it comes to their shopping decisions and how can ecommerce companies leverage that shopping behaviour in boosting ecommerce sales? That’s what we will tackle below.
Who are Millennials?
The millennials is term used to refer to anyone born between 1980 and 2000. They are a significant market with a buying power of one trillion dollars. They, therefore, present a unique opportunity for ecommerce companies. Many are striving hard in order to offer them a seamless shopping experience but in order to do that, they have to gain insights into the shopping habits of this important demographic and market and come with up with a marketing and branding strategy that will resonate with millennials.
The Consumer Preferences of Millennials
Millennials are quite well informed and well-educated. They are unlikely to religiously stick to a single brand unless presented with a very unique value proposition. Another fundamental difference between the millennials and other consumers is that they are highly connected and tend to have a strong peer network. They are likely to buy things that their peers like.
Understanding how millennials think, behave and shop can be a key in boosting ecommerce sales. Click to tweet.
Here are some useful tips and trends that you can keep in mind:
Millennials are not easily influenced by advertising
Millennials don’t trust advertising easily. They believe that it is just a well spun packaged message which lacks authenticity. They generally avoid websites, apps and other media with lots of advertising. They readily deploy ad blocking tools in order to access information distraction-free. According to some surveys, only 1% of this demographic admit to being swayed by advertising to buy or use a certain product.
Millennials don’t have much cash to spare, for now
That means they are very cautious about conspicuous spending. Many of them are still in their parents’ home or sharing a room somewhere with friends or colleagues in order to save money. They’d rather buy car now than buy a home.
Millennials read lots of information online before buying a product
The internet is their best friend. Before a millennial spends money on something, they will read as much information as possible about the product particularly in blogs, reviews websites, Facebook groups and other relatively authentic sources of product information.
According to the access development report, a third of millennial buyers read blogs and only less than 3% rely on TV, books and magazines as their primary source of information about products. Social media plays a very crucial role in the lives of this demographic so if you are looking to boosting ecommerce sales in this group, you have to be strong on social media. They especially, trust content on the blogs or social media channels that has been written by their peers.
Millennials place a great premium on authenticity
This demographic attaches great value to authenticity more than even content. They want authentic experience and not the traditional advertising and packaging. For example, if they are accessing content, they must trust the site first. That is why it is very easy for them to connect to authentic bloggers, particularly single individuals delivering a unique, honest and authentic experience. Logos and big brand names won’t do for them.
Millennials want engagement with brands on social media
Millennials are likely to become loyal to a particular brand if it engages with them on social networking channels such as Facebook and Twitter. It is not just enough for the brand to be on social media; they want this brand to engage them in a very responsive and personal manner.
Millennials are using multiple devices to access the internet
Close to 87% of millennials use 2-3 devices to access the internet. They are always at the forefront of adopting new technological devices rolled into the market. To be relevant with this demographic, a business must be ready to engage them on all platforms. An ecommerce mobile app along with a mobile shopping cart can go a long way in endearing your brand to millennial customers.
That is a brief lowdown on what you can expect from your millennial customers. They are highly informed about the products that they are purchasing, value authenticity over “wow” advertising, value discounts, can be loyal to your brand if you deliver a great shopping experience and they also, generally, value businesses that give back to society. Welcome to the conscientious and well-informed consumer of the 21st century.
This article was contributed by Audrey Zack of MobiCommerce.