What Millennials Want When They Shop Online

What Millennials Want When They Shop Online
HutchRock / Pixabay

This new year marks the beginning of a brand-new decade and with that comes a unique new set of trends and challenges in the field of online shopping. It is said that this is the decade of the millennials. While this generation was always the biggest customer base of e-commerce, now they are more or less settled in their earning patterns, and spending more on online shopping. While the gen Z is just joining the workforce, the millennials are now doing quite well, and hence, it is essential to look into their needs from the online shopping experience.

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q4 2019 hedge fund letters, conferences and more

Good price

Prices are highly competitive these days as young people do not shy away from checking and comparing the pricing of any product from various websites. As this generation is gearing towards savings, family and responsibilities, they are also turning to portals such as SearchPromoCodes.com for lucrative discounts as well.

Why There Is No Bitcoin ETF In The U.S. Yet

Digital Payment SystemShould you invest in cryptocurrencies? As with all investments, it depends on many factors. At the Morningstar Investment Conference on Thursday, Matthew Hougan of Bitwise, Tyrone Ross, Jr. of Onramp Invest and Annemarie Tierney of Liquid Advisors joined Morningstar's Ben Johnson to talk about portfolio allocations to cryptocurrencies. Q2 2021 hedge fund letters, conferences and Read More

Low delivery costs

This generation does most of its shopping online for the obvious convenience and ease of the experience. Hence, it is important to ensure that delivery costs do not out do the benefits of online shopping and hence, millennials are always looking for low delivery costs. They are often buying in bulk or even more things that they had planned to get the delivery fee waived.

Quick shipping

Rightly do they say that the millennials are a generation where patience is not the biggest virtue. They all about grabbing the day, and hence, they do not have the time or inclination to wait for their online shopping to arrive slow. Businesses which offer quick shipping, next day or even same day delivery etc. are, thus, doing better business as they offer practically instant gratification.

Niche value

Unlike the previous generation where the urgency of essentials triumphed luxury, the millennial generation is more or less stable and have seen better times. Hence, they can afford to spend more money on their wants, giving rise to the market for niche products. Fandoms, pet products etc. are being produced and sold to cater to a very specific demographic and they are often fetching high prices.

Shopping experience

While the previous generation needed easy and simple shopping experience, millennials are looking for a more comprehensive, smarter and interesting shopping experience. Therefore, more videos, augmented reality, chatbots and the use of AI to create personalised experience are making their way into more and more e-commerce sites.

Payment options

Since millennials are spending so much of money online, they demand safe, secure and multiple forma of payments options. This has given rise to multiple secure gateways for various kinds of card holders, UPI, QR codes and more, some of which even offer cashbacks. Not only that, there are several options to pay in installments.

Online shopping has become an integral part of any millennial’s life and hence, it is essential for any e-commerce business to look into the needs of this generation, in order to succeed in the market.

Updated on

No posts to display