How the next generation buys
Millennials are synonymous with technology. Society often stereotypes Millenials as people who are constantly in front of a screen— laptop, tablet, or cell phone. Yet, when it comes to figuring out the relationship between millenials and ecommerce, things can get tricky. We can point to the millenial generation as a driving force behind the practice of showrooming. Showrooming is the practice of using one’s phone to compare prices of an item found in a store with the same or similar item’s price online. In fact, nearly 80% of millennials use their mobile devices to compare prices for goods.
Millenials have tremendous spending power – estimated at $200 billion annually – so it is crucial for businesses to capture as much of their business as possible. Without an ecommerce option, retailers miss opportunities to acquire millennial customers. In 2016, Millenials made fifty-four percent of purchases online.
Millennials are not only used to using technology in their everyday life, they prefer it. In fact, a 2015 survey showed that 50% of millennials would rather keep their smartphone than their sense of smell if they had to get rid of one or the other.
Technology means convenience. When millennials can shop online, the retailer offers convenience. Ecommerce offers consumers the opportunity to purchase a product when they’re at the gym, in class, or lying in bed.
Retailers that are not taking advantage of selling their goods online may be missing out on significant opportunities. The next generation of consumer shops differently. If you are looking to set up an ecommerce store for your business, or want to improve your current ecommerce setup, contact Liquid Retailer today. We want to help you succeed.