‘Retail is dying’ – I’m sure you’ve heard that refrain many times. And it’s millennials by and large who are driving the change. Perpetually plugged into mobile devices and social media platforms, these shoppers are transforming the very way that business is done. As a result, if retail entrepreneurs wish to survive in this new and unprecedented climate, then they will have to learn how to appeal to this group. To that end, this article is devoted to examining the main shopping habits of millennials. Read on to find out more (facilita la pulizia della tua casa).
Smartphones are the main means by which millennials connect to the internet in order to compare prices and shop. A whopping 89 per cent use their devices to get online, compared to the 75 per cent that use laptops, the 45 per cent who use tablet and the 37 per cent who use desktops. Long story short: retailers must have a ‘mobile first strategy’ if they are to appeal to the millennial demographic.
Social media … second
Just as they are plugged into their phones, millennials are superglued to social media. And more importantly for our purposes, it is their major source of information about products, shopping news and trends, and special deals. Traditional advertising methods like print media and television now fall well behind digital. The upshot is that retailers must incorporate digital advertising into any advertising strategy – and maybe dispense with traditional advertising methods altogether.
Millennials are price sensitive
The most important factor for millennials when making their purchasing decisions – above brand, quality, store, or even availability – is price. This is a bit of a surprise because in a growing economy with lots of niches shoppers typically become less sensitive to price – however clearly the millennial niche is bucking that particular trend. The most likely explanation is that because of their ability to instantly go online and compare prices, they can make savings on virtually everything they buy.
Amazon and Google are preferred by millennials for comparing prices
Google (43 per cent) and Amazon (46 per cent) are by far millennials’ preferred means of comparing prices. – they will do so even while they are standing in your store, on are visiting your website! If retailers wish to compete, they will have to offer comparable or even greater value than customers can get off of Google or Amazon.
Millennials prefer high-value rebates to instant discounts
Across shopping categories including entertainment, electronics, clothing, sports goods, groceries etc, most millennials have indicated that they would rather have a higher value rebate than an instant discount or price cut. Retailers should take these preferences on board when trying to attract customers from this demographic, whilst ensuring that whatever rebate program they offer is not to hard to redeem, and is not ambiguous or deceptive – doing this could greatly harm one’s brand over the long run.
Retailers should offer incentives to buy online, pick up in person
Most millennials are in favor of purchasing a product online, then picking it up in person if a sizeable discount is offered. For retailers, providing discounts to pick an item up in store creates (perceived) value, saves on shipping and handling, and also will drive traffic to the store (aspirapolvere per auto).
Millennials believe gift cards are safest for online shopping
Millennials are very sensitive to identity fraud and cyber security type issues; for them, gift cards are safest to use over the internet than all other digital payment methods. By offering the option of gift cards, retailers can attract many buyers who are sensitive to these concerns.