Posted by Jami Delperdang on December 2nd, 2015
With the holiday season officially kicking off last week, retail marketers everywhere are looking to engage an important generation of shoppers … Millennials. The 75 million Millennials (age 18-34) currently living in the US are expected to spend $63 billion this holiday season,1 and 77.5 percent will shop online or in retail stores over the Thanksgiving weekend.2 Furthermore, 47 percent plan to spend more this year on the holidays versus last year.3 So, how can you cash in on this potential billion dollar generation? Speak to them digitally.
Below are a few additional shopping trends for this digitally savvy group of shoppers:
They are mobile.
92 percent of Millennials will be using their smartphones to shop during the holiday season and more than half are expected to shop more on their devices than they do in physical retail stores this year.4 Provide customers with a fully-integrated mobile shopping experience; mobile web, branded app and mobile payments.
They expect an exceptional digital shopping experience.
They are heavy users of mobile web and branded mobile apps for shopping, but they demand a flawless shopping experience across channels. 81 percent of Millennial smartphone and/or tablet owners say they will abandon transactions and shop elsewhere if a mobile site or mobile app is buggy, slow or has poor performance. 5
Millennials want to find a good deal online, purchase the product in the store and scan their coupon on their phone at checkout. This integration of online mobile shopping and retail stores has lead to a new generation of shoppers who value a shopping experience that involves a number of different integrated channels.
They rely on social media and online reviews.
In terms of what influences Millennial’s holiday purchases, more than half lists word of mouth (53 percent). However, tech driven influences such as online reviews (72 percent) and social media (58 percent) illustrate this generation’s digital orientation.6
Having a presence on Twitter, Facebook and Instagram is key when looking to engage with Millennials.
They want it now.
34 percent of Millennials plan to take advantage of retailer’s same day delivery options and are willing to pay more for expedited delivery.7
The path to purchase for Millennials crosses digital, mobile, in-store and every touch point matters, Making sure your customers have the best, easier and most convenient shopping experience — no matter how they choose to shop — is the surest route to a successful holiday season.
1. PwC’s. “2015 Holiday Outlook Report.”
2. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
3. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
4. Dynatrace. “Consumer study 2015.”
5. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
6. Influenster. ” 2015 Holiday study Influenster.”
7. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”