5 Must Know Millennial Shopping Trends and E-commerce

In a research it was found that 45% of millennials prefer to do online shopping because they can compare the prices and products. 3 out of 4 say that it is easier than going to shops. According to Ad Age, 17- to 34-year-olds spent $200 billion annually starting in 2017, and $10 trillion over their lifetime. The total online purchases by millennials in 2016 amounted to 54%.

This generation is in focus because they are growing up in times of rapid changes. And if you own an ecommerce platform then you need to constantly make changes to grab their attention. It means you need to continuously make changes in the pricing plans, come up with new marketing strategies and enhance the design of your website.

The intriguing part is how they will use that power will drive the way online retailers consider buyers and make shopping encounters. Now let’s come to the point, the fact is that the normal millennials’ buying power which sums to $1.3 trillion every year far surpasses that of the Current Era which topped out at an ostensible $600 billion for each annum.- Source: ecommerce nation

Here is a figure by Statista, which shows the typical daily online activities of internet users in the United States as of February 2017, sorted by age group. During the survey period, 49% of respondents aged 18 to 29 years had purchased a product online.

Source: Statista

For startups it is easy to grab the attention of millennials because according to Forbes, 37% of Millennials don’t trust Big Businesses.

Here are some top Millennial Online Shopping trends and how your business should adapt these trends to grab the attention of Millennials.

1. Make Mobile Your First Priority:

Nowadays millennials are glued to their mobile devices. According to IBTimes report, One in five millennials no longer uses a desktop computer to go online, relying exclusively on smartphones and tablets to get on the Internet. It means that your business should have a mobile optimized website.

Mobile first doesn't just simply apply to your online presence. Your physical store ought to likewise be optimized with mobile in mind. This is particularly obvious with regards to having the capacity to acknowledge mobile "contactless" payments like Apple Pay and Android Pay. According to an Accenture survey it was found that 23 percent of recent college grads utilize contactless payments in any event once per week.  

Also, According to Business Insider, 59% of millennials find mobile shopping as one of the major advantages of owning a mobile device and 67% of them make purchases through their smartphones.

Here is a figure that shows Millennials use mobiles for holiday shopping more than the adults.

Source: Marketing Land

2. Invest More In Social Media Campaigns:

According to Blackhawk Network, 55 percent rely on social media as their primary source for shopping news and information. Millennials use social media platforms to find and discover new products. Online businesses can use social media marketing campaigns as a one click strategy of customers logging into their shopping carts.

Traditional marketing is now falling behind the digital advertising tools when it comes to their usage and effectiveness among millennials.

According to Bazaarvoice, 51% of millennials trust recommendations from strangers when it comes to purchasing a product. As a business owner you can also consider partnership with Experts or Influencers in their space.

Here is a figure that shows most popular social media apps among millennials.

Source: Slideshare

3. Loyalty Programs:

Offering loyalty bonuses to millennials is another great way to attract more millennials to your e-commerce store. In a survey by Bond Brand Loyalty, 68% of Millennials said that they would changed their mind where they shopped on the off chance that it implied getting more rewards.

In a recent report by LoyaltyOne, Millennials said they’d be willing to pay a fee to participate in a loyalty program. Who effectively paid in an unwaveringly program, 69% said they esteem free shipping and 67% said they appreciate the rebates related with it.

Source: The Rail Media

4. Product Reviews and Competitive Pricing:

Millennials are turning to brands that offer maximum convenience at minimum cost. Product Reviews, Information and Price comparison at one place helps the millennials in choosing the right product. According to Goldman Sachs 57% of Millennials Compare prices in store.

Millennials "search around" for a similar product or service at a lower price point at different retailers before deciding to purchase something. This move in conduct is likely because of the expanded use of cell phones, which enables customers to search for a thing effectively, even when they're in a store.

Source: Goldman Sachs

5. Seamless Shopping Experience:

Millennials expect a seamless experience when they are shopping online. According to Accenture, millennials still prefer to shop from offline stores where they can touch and see the products in real time before they decide to purchase them. According to a new study released from Deloitte,  nine in 10 shoppers know what they’re buying before they arrive at a store. Organizations should ensure the shopping experiences across all customer touchpoints is reliable.

Source: cgsinc

Conclusion:

When You are focusing on millennials try to remember what they are truly into. This age bracket is absolutely a great source to bring even more sales to your business with the purchasing power accounting to $170 billion every year. An online presence ought to run as an inseparable unit with the development of helpful and snappy mobile solutions. With 80% of millennials laying down with mobile phones by their beds your online business products may wind up one of their sweetest dreams.

About CedCommerce:

Established in 2010, CedCommerce is an Official Channel Partner of Walmart, Sears, Newegg, Tophatter, Fruugo and ManoMano and is the winner of Deloitte Fast 50 India. With 800+ products we have approximately 10,000+ satisfied customers across the globe. The company offers various products that make selling easier on e-commerce. Enriched with experience, the company had developed various popular Integrations that makes selling easier on various marketplace across the diverse platforms.

CedCommerce offers the required technical solutions tailor-made for building one such platform. CedCommerce’s B2c Advanced Marketplace Extension highlights and add-ons are readymade affordable solutions for developing a website like Amazon or Flipkart. These extensions come with a bevy of features to aid the development of a rich multi-vendor marketplace with the best functionality.