Millennials or Generation Y are influencing the way in which the global marketplace is heading, whether their behaviors are considered positive or negative for our continued growth. Their beliefs, interests and behaviors will continue to impact and shape our future across every aspect of life. Businesses should begin to take note of millennial shopping habits in order to adequately prepare for a continuing rise in the dominance of a generation invested in technology, social media and creativity.
Women and men ages 18 to 34 are more likely than 35 to 64 year olds to engage in nearly every online shopping activity, with 40% of males and 33% of females in the younger age group saying they would buy everything online if they could.
51% of millennials say consumer opinions found on a company’s website have a greater impact on purchase decisions than recommendations from family and friends. Analyzing crowd-sourced information about a company has begun and will continue to be viewed as more reliable than just taking in the feedback of your social circle.
The online purchasing power of millennials is estimated to be $170 billion + per year. This shines a light into the growing influence this generation will continue to have over the world’s economy.
Of survey respondents, 92% said that real-time product availability would influence where they shop. This is a statistic that brands should not ignore, since providing customers with the availability of product online or in stores is possible, which according to this survey, is an important factor that influences Gen Y shopping behavior.
Millennials are 216% more likely to be influenced by in-store touch screen displays. This says a lot about how the types of devices millennials use everyday, like tablets, laptops and smartphones, are influential and have an impact when it comes to shopping and improving upon the shopping experience.
To this day, there are still websites that are not optimised for all screens.
70% of millennials say that it is convenient to have a smartphone or tablet to research or purchase a product or service on the go. More than 50% use their smartphones to research products or services while shopping. Every business should have a strategy for how to reach consumers on mobile and this merely supports that point.
If redesigning your website was something you put off for another year, can you measure the loss of enquiry to disregard this shift in how people do business with you? Can you put that into a measurable and manageable quantity to say you can leave it another year?
The habbits millennials have are different from past generations, alter your business strategy accordingly to connect with Gen Y online and stay with the times.