There is a lot of conversation that goes on about the different demographics. You may have heard of Millennials, Gen Zs, and Baby boomers, but not put too much thought into it. Well, allow us to provide the distinctions.
Anyone born between 1981 and 1996 falls in the Millennial age group. Those from 1997 onwards belong to Gen Z. Baby boomers fall in the 1946 to 1964 category. And finally, there is the Silent generation and this covers anyone from 1925 to 1945.
Understanding the differences amongst the demographics is critical for any marketer. It will have a significant role in how you tailor your marketing messages and approach. Indeed it even determines the media you use.
For this article, we will focus on eCommerce trends for Millennial shoppers.
In-Store Shopping Vs. eCommerce Services
Millennials grew up in an age of technological disruption. They had the chance to experience innovations and the opportunity to see a refinement of the same. Millennial shoppers lived in a time of technological disruption. They have an appreciation for the before and after the tech days.
This is unlike baby boomers who did not grow up in a world full of technological advancement.This is not to say the Baby boomers don’t use technology. But, some may still cling to analog media like print and electronic media like TV and Radio. Uncovering such differences can make a huge difference in a brand’s marketing strategies.
Millennials had the chance to use the first mobile phones that were too big to fit in the pocket. And, they watched these phones evolve into slim and pocket-sized smartphones. They also had the chance to enjoy innovative eCommerce solutions like online shopping.
Interestingly, a large percentage of Millennial shoppers still prefer in-store purchases. 65% of Millennials would rather visit a physical location. Only one out of three will buy from the company’s website. 21% will buy through social media while 20% would use a brand’s mobile app.
A study in the UK shares the same sentiments. 74% of Millennials still go to physical stores rather than shop online. 36% will do so at shopping malls. In as much as they enjoy physical shopping, the in-store experience matters.
Many feel that the shop attendants interfere with the whole process. 70% of Millennial shoppers believe the attendants should stay at the pay point. 28% would rather not have the staff attend to them during the shopping expedition.
Yet, therein lies an opportunity. Those in retail eCommerce must integrate physical and online shopping experiences. The perfect complement will capture both online and in-store shoppers.
Preferred eCommerce Service Providers
A Statista report shows that Amazon Marketplace is leading for Millennials. Up to 75% use the platform. In the second position is Walmart at 46% and eBay at 20%. It is worth noting that Amazon also took top place for Gen Z, Baby boomers, and the Silent generation.
These platforms are popular for product availability, low pricing, and customer reviews. The subscribe and save plans are also a major draw. You will understand why this is important for Millennials in the next point.
eCommerce businesses can learn a lot by observing how these online giants work. But, all that requires collecting tons of data to generate relevant insights. And, you need the help of solutions or companies that can provide the expertise.
This is where companies like eCommerce solutions come in. You get a granular, cross-channel eCommerce catalog of data. They will also help in optimal data assortment, seller intelligence, and more. Cluster, an innovative eCommerce solution platform can streamline your business processes by providing you with a single source of data. They gather essential data for your business and enhance it to make it more beneficial for you.
This eCommerce solution takes away the hassle of getting data from different sources. In return, you can have more sound decision-making in a short amount of time.
Millennials Are Savers
Some people may describe Millennials as thrifty. Others look at them as more conscious about their spending habits. Indeed this could be due to the fact that they entered the job market at the height of the economic recession.
But that’s not all. The COVID-19 pandemic, rising inflation, and stagnant income also add to the tough situation Millennials live in. All these could be reasons why they are so money conscious.
So, what does this mean for eCommerce service providers? Well, Millennial shoppers are bargain hunters. Indeed they will respond very well to marketing campaigns like discounts, and sales. Remember, anything that can save a dollar will attract Millennials.
Millennial Shoppers Are Trusting and Socially Conscious
Millennial shoppers are trusting and socially conscious. 73% of Millennials will pay more for products or services that promote sustainable practices. In eCommerce marketing, you must take a stand as a brand.
Millennials would, for example, respond to eCommerce influencers with a proven sustainability record.
The trusting nature of Millennials also means they place a lot of faith in customer reviews. 8 out of 10 cannot buy a product without reading a review first.
They are also very keen on customer experiences. It will have a significant role in whether they will stay or leave. Many people gravitate to online shopping for its convenience.
The same does not apply to Millennials. Product options and fast shipping are some of the main reasons for them. The convenience and speed of service delivery are key for a good customer experience.
The success of any eCommerce business lies in a good understanding of the target market. Millennials are a demographic that had the chance to experience the best and worst. They were in the front seat of technological innovation. That means they had the opportunity to experience innovative eCommerce solutions.
But, Millennials have also gone through the recession, COVID-19 pandemic, and economic stagnation. That has made them conscious shoppers who are not averse to discounts. The right eCommerce solution is vital to capture data to reveal such insights.