It's no surprise that millennials are making their mark within the demographics of online shoppers. Nearly 72 percent of millennials research and shop their options online before going to the store. When it came to online shopping, statics showed that 68 percent of millennials desire an experience that's both integrated and seamless despite the channel. As an online retailer, the last thing you want is to fall behind on the shopping habits of those who make up a vast majority of online shoppers. Let's take a look at a handful of "need to know" habits to help tackle this group:
1. It's all about the price: A good price goes a long way, especially amongst millennials. Studies have shown that millennials care more about a good price over any other factor when it comes to online purchases. These factors include quality, store, availability and brand. Unless you have a unique one of a kind product, chances are millennials will go looking elsewhere for a better price before they decide to click check purchase.
"I love buying clothes online, but when it comes to deciding which store to buy from I always compare who has the better price. I may find a sweater from Loft that I love but if ASOS for example has a similar product for a better price I will definitely go with them. Unless I am a diehard fan of a specific brand I will always go for the cheaper option." - Laura, 25
That being said, if it's possible to offer competitive pricing, it may be wise to do so as its most likely in your favor.
2. Loyalty programs remain close to the heart: There may be myths floating around that millennials aren't the most loyal customers but recent studies indicate otherwise. Around 95 percent of millennials would appreciate if their brands would actively make an effort to reach out and send them material via email such as coupons and discount notices. The mentality of a millennial is like that of your average person, if you are treated well chances are you will keep coming back. Millennials love personalized, targeted promotions and discounts. If you want to truly capture them, make this part of your marketing efforts. Building loyalty isn't difficult if you put in a tad bit of effort to make your customers feel appreciated.
3. Keep your Social Media updated: We all know how much millennials love social media, if there is any place you should be capitalizing on from a marketing perspective this is it. Between Twitter, Instagram, Facebook, Snapchat, etc -- it's safe to say that social media is a playground for online retailers to interact with their target audience. Millennials spend nearly 18 hours a day consuming media, imagine all the marketing outreach you can accomplish during this timeframe? Besides targeted ads that pop up on various channels, millennials tend to check out their favorite brand's pages to view products, deals and other news pertaining to the brand. Be sure to keep all your accounts active throughout the day to remain in touch with your customers.
"I love to check out Instagram to see what deals my favorite brands are offering. Instagram is purely visual and in my opinion really helps capture the audience. I can't even tell you how many times I purchased something because I saw a cute combo for an outfit with a promotion code in the caption." - Christine, 27
4. Get Smartphone Savvy: Your site may be mobile responsive, but how does it look and operate? Millennials value a good experience from the time they arrive to your site until the time they leave. This is a digital savvy generation with a low attention span. The running joke these days is that millennials have a lower attention span than a goldfish, if this is even remotely close to being true you better ensure your website is in tip top shape.
Even when shopping brick and mortar style, Millennials still use their phones to compare prices, read reviews, and if you're lucky may even choose to purchase through the web rather than the store. If you want to hit the jackpot in this department the only way to do so is to provide an outstanding customer experience that's not only simple to use but visually appealing.
5. Involve your customers: Almost half of millennials say they are interested in helping the brands they love develop new products. Who better to listen to than your customers? Involving your customers can do wonders to not only build your relationship but actually develop products that your customers will purchase. Instead of developing a product or service that you hope your customers will like, why not just listen to them directly?
Companies who take the time to interact and take their customer feedback into consideration have a much higher chance of scoring brownie points on both a personal and professional level.
Don't let this group slip through your fingers, hone in on the digital world and all the advantages it has to offer. Take the leap to accommodate those who fuel the online retail world today.