In 2015, the overall online shopping spending amounted to $3 billion in the United States. This whopping 21 percent increase from a year before is a record amount for the country. Yet, this virtual preference of the always-online generation does not mean that businesses should lower their price tags for retail, says an expert from Pangea-cds.com. Discover below to determine how you can adapt to this new norm.
How do millennials shop nowadays?
An international engagement and incentives company conducted a study on this millennial habit. They compiled two pieces of research by analyzing the influences, means, and devices to determine how millennials shop for each purchase. The researchers began the first study in April 2015 concentrating on particular shopping practices of over 500 millennials. They then continued the second study in October 2015 with another batch of 500 millennials. This time, they scanned through their gift card and mobile app preferences.
The results revealed that millennial shoppers are always plugged into their mobile phones and social shopping. This new behavior caused a significant change in the traditional shopping patterns.
How can retailers appeal to the demographic now?
Retailers need to remember that millennials use their smartphones than the web these days, so they should incorporate a mobile-first tactic. The digital strategy would need to include a visible social media presence for the generation who blogs, tweets, posts and shares everything they like on their profiles.
One thing retailers need to keep an eye on is the cost of their products. They need to remember that millennials are very sensitive to price. It has the biggest impact on their purchase decision that involves factors, such as the store, brand, availability, and quality. To keep up with the generation’s online habits, stores can even consider the “Buy Online, Pickup in Store” incentive. This means that millennials can choose to pick up an item in the store compared to shipping it, which can save around $10 to $50 save for an item.
The millennials prove to be the generation that continues to change all the usual norms. From traditional beliefs to common shopping purchases, the rest of the world has to learn to keep up with the always-connected generation.