{"id":1005,"date":"2016-07-26T22:55:17","date_gmt":"2016-07-26T22:55:17","guid":{"rendered":"https:\/\/www.guided-selling.org\/how-millennials-make-purchase-decisions-stats\/"},"modified":"2024-03-01T20:11:08","modified_gmt":"2024-03-01T20:11:08","slug":"how-millennials-make-purchase-decisions-stats","status":"publish","type":"post","link":"https:\/\/www.guided-selling.org\/how-millennials-make-purchase-decisions-stats\/","title":{"rendered":"How Millennials Make Purchase Decisions?"},"content":{"rendered":"\n

Millennials are poised to reshape commerce and how products and services are marketed and sold. They are growing to be the most important demographics for brands and retailers. By 2017, Millennials will have more spending power than any other generation ($200 billion annually<\/a><\/span>) and by 2020, they will account for 30% of retail sales in the US alone. No wonder, the internet is inundated with articles about this age group!<\/p>\n\n\n\n

Yet, getting under their skin and understanding what makes them tick (or more likely, swipe) can be challenging. Their attitudes are most certainly not universal.<\/p>\n\n\n\n

However there are generally accepted traits that can help you understand how millennials think, how they shop, what they want, and what informs their purchase decisions. Taking these into consideration is crucial to successfully market to them. Here we take a look at precisely what impacts millennials decisions and what beneficial changes you could make. They might be easily accessible, but they are a discerning bunch with great expectations.<\/p>\n\n\n\n

45% of millennials spend more than an hour a day looking at retail-oriented websites.<\/h2>\n\n\n\n

(source<\/a><\/span>)<\/p>\n\n\n\n

Because of their age range, millennials likely either grew up with a computer at the ready, or with a smartphone or tablet firmly in hand. They check their mobile devices 45 times a day<\/a> on average and many can\u2019t even imagine a world without the internet. Digital has formed their habits and preferences regarding communication, personal interaction and purchasing significantly \u2013 more than it has influenced older generations.<\/p>\n\n\n\n

When shopping online, millennials seek an \u201cexperiential\u201d environment that offers more than a transaction.<\/b><\/p>\n\n\n\n

Shopping is just another form of entertainment like playing games, watching streaming TV, listening to music or reading. In fact, 52%<\/a><\/span> of millennials are more likely to make impulse purchases than any other generation. Needless to say that if the experience you deliver is not fun, memorable, or meaningful, you\u2019ll find purchases from this demographic to be declining.<\/p>\n\n\n\n

In order to engage millennials and create sticky experiences, retailers and brands should not be all too hesitant towards embracing retail innovations \u2013 being open to change is a prerequisite, even if it affects the way you brand, merchandise and fulfill your products and services.<\/p>\n\n\n\n

The ridesharing company Uber has been the fastest growing company<\/a><\/span> in the past few years. Its model is exceptionally successful among and defended by millennials<\/a><\/span>. Why is that? Retailers, brands and service providers could improve by taking these cues from Uber\u2019s experience:<\/p>\n\n\n\n

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  1. Highly intuitive user interface<\/b><\/li>\n\n\n\n
  2. Relentless focus on simplification and integration of processes<\/b><\/li>\n\n\n\n
  3. Differentiation on convenience and ease of use<\/b> (Calling a cab within 3 taps)<\/em><\/li>\n\n\n\n
  4. Cut out the middle man while still being personal<\/b> (No need to interact with a call center, Personal soundtrack during trip)<\/em><\/li>\n\n\n\n
  5. Transparency<\/b> (Driver ratings, total cost estimation prior to ride and clear breakdown of the fare)<\/em><\/li>\n\n\n\n
  6. Hassle-free checkout<\/b> (Cashless transaction \u2013 No fussing with cash to pay for every ride and instant electronic receipts)<\/em><\/li>\n\n\n\n
  7. Exquisite customer service<\/b> (Perks like water bottles, free Wi-Fi)<\/em><\/li>\n\n\n\n
  8. Premium service options <\/b>(Luxury vehicles and the highest rated driver partners)<\/em><\/li>\n<\/ol>\n\n\n\n

    How Uber works \u2013 \u00a9 Business Insider<\/p>\n\n\n\n

    Over 50% of millennials use their mobile devices to research products.<\/h2>\n\n\n\n

    (source<\/a><\/span>)<\/p>\n\n\n\n

    We all know mobile shopping is a big trend. But if you\u2019re in the business of selling to millennials it\u2019s absolutely make or break. Mobile usage among this cohort is near ubiquitous: 88%<\/a><\/span> of them own a smart phone and almost half say they \u2018couldn\u2019t live without it\u2019. So much so, nearly 4 in 10<\/a><\/span> of them interact with their smartphone more than they do with their partners, parents, friends and children. 9 in 10<\/a><\/span> of them even sleep next to their smartphone! Not surprisingly then, mobile e-commerce revenue is expected to reach \u00a331 billion by 2017<\/a><\/span>.<\/p>\n\n\n\n

    60%<\/b><\/a><\/span> of millennials say that it is convenient to have a smartphone or tablet to research or purchase a product or service on the go.<\/b><\/p>\n\n\n\n

    If you want to stay relevant with this generation and help them decide, you must<\/p>\n\n\n\n