Millennials are those born between 1981 and 1996, depending on who you ask. Regardless of what period you define millennials as, they make up a significant portion of our population, and have a substantial impact on shopping trends, especially online. Millennials and the following generations make up most of the purchases made online and are the most comfortable doing so. For businesses to remain competitive, they’ll need to ensure they’re properly marketing to the millennial generation. Here are some noteworthy shopping trends among millennials
Increased Demand to Shop Online
Millennials grew up with the internet, so it makes sense that they prefer to do most of their shopping online. Studies have shown that millennials make up an impressive portion of online purchases, so businesses need to appeal to them online if they want to bring in the bacon. Online shopping allows customers to search through thousands of products, showing the importance of building an online presence for your business. During the pandemic, in-person shopping ceased, and retailers had to shift their shopping platforms to stay afloat. For example, if your business sells casual athletic shoes for women, you want to ensure you’re optimizing your SEO strategy to get your products in front of the eyes of millennials.
They Do Their Research
With many online retailers selling similar products, millennials are privy to doing their research before making a purchase. One important part of this research process is checking the review section on a product they’re considering purchasing. If a product has enough negative reviews, you can count on millennials reading these reviews. Making a purchase online can be risky, especially if you’ve never shopped with a specific retailer before. This is why being transparent about product reviews is extremely important to marketing your products. Providing customers with a section to write and read product reviews helps build trust with your audiences and may improve your conversion rate if people are happy with your products.
Business Values Matter
Your business’s core values are also important to millennial shoppers. This pool of customers wants to shop with a business that aligns with their morals and values. Important issues such as inclusivity, climate change, and other issues in our society impact who customers choose to shop with. If your business has received bad press surrounding your business practices, you could lose a substantial portion of your customers. However if your business can emulate authenticity and prides itself on the positive contributions to the world and the community your business resides in, millennial shoppers are more inclined to shop with you.
For example, eco-friendly retailers have quickly gained popularity amongst younger shoppers. Brands like Girlfriend Collective, Reformation, and Nation LTD display their sustainability practices on their website, aligning their business values with a substantial pool of millennial shoppers. The fashion industry makes up a significant portion of landfill waste and the use of limited resources such as water and energy. These businesses set the tone for other businesses in the fashion industry when it comes to sustainability. As more shoppers redefine who they are willing to shop with, businesses will need to ensure they’re making positive contributions to the world to stay relevant.
Social media has profoundly impacted the ways millennials shop online. Platforms like Instagram, Youtube, TikTok, and more are primary sources for shoppers to find new products. With the rise of social media influencers, businesses have a powerful marketing strategy to steer customers toward their products. Brands that effectively leverage social media and influencers can reach a new and large audience of millennials. This drives sales to their business.
Millennials are one of the most active groups on social media. Plus, they often rely on these platforms to make purchasing decisions. Millennials trust the opinions of peers and those online who they look up to over traditional advertising methods like commercials. By tapping into online trends and creating appealing content, you can engage and influence people toward your products.
Millennials Appreciate Personalized Shopping
Personalization is an increasingly essential factor in the shopping trends and habits of millennials. By using the data your business collects, you can better tailor and personalize your product recommendations and offers. This improves loyalty amongst the millennial demographic. By getting a deeper understanding of your audience’s preferences and needs, your business can offer a more meaningful shopping experience, fostering brand loyalty.
They Want a Deal
As we mentioned earlier, millennials do their research before purchasing a product or service. Part of this research includes finding the best deal on a product. With so many drop shippers selling the same products on different online platforms, these shoppers aren’t afraid to do their research to ensure they get the best deal. Gone are the days of clipping coupons. Instead, millennial shoppers take advantage of tools like Honey. Honey automatically compares prices and adds coupon codes to get them the best deal on a product. If you rarely have sales or promotions on products, customers may turn to a competitor offering a similar product at a lower price. Regularly checking the product prices of your competitors can help you steal customers from your competition by giving them the best price.
Spending on Experiences
Another way millennials are impacting the retail industry is through what they’re willing to spend their hard-earned money on. While retail therapy may have been the method of operation in the past, today’s shoppers are more likely to spend their money on experiences rather than material goods. Millennials prioritize spending money on unique and memorable experiences, especially those they can document for social media. This includes pop-up stores, community events like craft fairs, or in-store masterclasses.
Millennials also want to take part in experiences that foster community and bring people together. Experienced-focused shopping allows people to join together for a cause, allowing businesses to align their values with those of their customers.
While not all millennials will fit each of these patterns, they are key insights into the general shopping trends of this generation. Understanding these trends can help your business better target and engage this demographic. Plus, keep up with the changing retail landscape.