Key Facts about Millennials and the Future of eCommerce Retail
Aged between 18 and 34, Millennials are the center of the eCommerce industry. They are a group of people with an online shopping value of 10 trillion dollars. They are tech-savvy, always available online, and know how to use the new technology to meet their needs and lifestyles.
Now, let’s take a brief look at Millennials and the future of eCommerce business.
$10 trillion worth of online shopping
Millennials’ buying power is now valued at $10 trill, over their lifetime.
Users statistic per day
- 46% go online multiple 7 times per day
- 48% always online
Total digital thinking
Millennials feature total digital thinking.
Millennials understand IT and the internet
Millennial shoppers are tech-savvy and are better informed than the last generation.
Millennials combine shopping with social media and try new things without prejudice.
Millennials like participation
Millennials interact and advocate their brands.
- 35% are influenced by social media
- 52% increase in impulse purchases by Millennials than Generation X
- 74% say experience is most important
Things that are not enough to attract millennials
Millennials demand all shipping and pickup options available
- BOPIS – buy online and pickup in-store
- ship from store
- ship to store
- order-by, get-by
- same-day delivery
- precisely scheduled delivery
Use voice assistants
45% of Millennials are using voice assistants while shopping online.
Millennials demand Hyper-personalisation
Millennials use AI to deliver highly-personalized experiences to consumers on an individual basis.
Millennials despise average websites with poor quality
- They hate the lack of product information.
- They hate slow websites.
- They hate bad navigation.
Top eCommerce trends for Millennials
- Short-term subscription models
- The eCommerce store needs to become a destination.
- Endless options for products, delivery, and payment.