Research: Who Is The Millennial Shopper?
An ever-changing tech landscape has conditioned the millennial shopper to embrace high-tech. New technologies affect shopping behaviours and evolving shopping behaviours affect technology—it’s a revolving door. This creates a complex, forward-thinking shopper.
Researchers have long touted the importance of catering to millennials. Before going on a hashtag frenzy though, it’s time we learn and understand their shopping patterns.
Who is the millennial shopper and what does this mean for business?
- Millennials, defined as those 18-34 years of age, have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates released this month by the U.S. Census Bureau. (PewResearchCenter)
- Millennials are big spenders; research estimates millennials spend $600 billion a year. (Accenture)
Millennials make up a huge population, and they are not spending money like their parents do.
What goes into their purchasing decisions?
- 89% of shoppers do online research before purchasing an item in-store. (Interbrand Design Forum)
- 77% of online shoppers use reviews to make a purchase decision. (Interbrand Design Forum)
- 75% of consumers buy nothing (or buy less) if there are not enough employees at the store. (Buzz Booster)
Millennials are harnessing the power of the Internet to make better, more informed decisions. Dubbed the “conscience consumer,” merchants need to enhance their web presence in order to develop brand awareness and credibility. As the line between physical and virtual blur, in-store operations need to reflect the seamlessness of the online experience.
How are they engaging with brands?
- 73% of millennials report that they make purchases directly on their smartphones. (BazaarVoice)
- 68% of 18 to 34 year-olds agree that their peers’ social posts are ‘somewhat likely’ (or better) to influence them into making a purchase. (Ad Week)
- 56% of consumers under the age of 35 interact with their favourite brands on Facebook. (Brand Channel)
For millenials, two channels of engagement are via mobile and social. It no longer suffices to have a website; your path to purchase should be omnichannel and “shareable.”
Luckily, interacting and engaging with millennial shoppers can be done simply. Drive sales from the largest generation with a comprehensive Point of Sale solution. Revel Systems arms businesses with all the moving parts essential to sell to the complex shopper, starting with an integrated Customer Relationship Management (CRM) tool, where you can synchronise customer information with their buying behaviour.
Go where millennials are—online. Engage through Custom Commerce, a personalised mobile app, social media, and an eCommerce site. Want to see if your efforts are resonating with millennials? With Intelligent Reporting analyse your performance on any given hour and track historical sales trends.