Biz Tips: How Millennial Online Shopping is Changing the Retail Industry [Infographic]
Biz Tip:
How Millennial Online Shopping is Changing the Retail Industry [Infographic]
There is no denying the fact that Millennial online shopping habits have continued to have a major impact on the US economy and the globe in general. According to InvespCro, millennial shopping in the United States is expected to account for about 30% of total retail sales by 2020. This will be equivalent of $1.4 trillion in sales.
In other words, Millennials will transform the retail industry, giving marketers food for thought rewarding to their approach to retail advertising online. Millennials are generally educated and tech savvy consumers because they use their smartphones (social media and internet) to gather information about a product or brand online before making any purchase decision. They consider online shopping as fast, convenient and relatively cheaper.
Millennials see savings and convenience in online shopping
According to Computer Weekly, more than 50% of youngsters say they see immense opportunities to save when they purchase online. Moreover, 55% of millennials say they prefer online shopping because it is convenient in terms of shipping, delivery and price comparison, plus they don’t have to leave the comfort of their home or office to shop for items. In another study, 45% of millennials say they prefer online shopping because it allows them to do price comparisons. When millennials are shopping online, they don’t just shop blindly. They have specific ideas on how online shopping is beneficial to their lives.
Because technology is growing very rapidly, it is important for retailers, small business owners and marketers to incorporate new technologies if they are to compete and grab a share of this interesting cohort of consumers. Designing a user-friendly, mobile responsive website would be the first step.
The rise of impulse buying
This should be good news to retailers. Online shopping has led to an increase in impulse buying. According to eMarketer, 42% of millennial online shoppers admit to making impulse purchases online at least once a year. Another 80% say they have made an impulse buying decision in their lives. Generally, millennials are more likely than their older counterparts to make an impulse buying decision.
Millennials rely on online reviews to make a purchase decision online
Online reviews play a big impact when it comes to influencing millennials to make a buying decision. Nearly 80% of millennial online shoppers will first seek out online reviews of a product or brand before purchasing. Millennial shoppers love to look for recommendations from influencers, fellow online shoppers, colleagues, relatives or friends thus utilizing the power of referral program to the maximum. This means that you must take the referral program seriously. Don’t forget the power of social media and influencer marketing if you want to improve your conversions.
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