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 love technology and social media
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.