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How millennials are reshaping the future of ecommerce
  • By sellerbites_posting
  • August 15, 2024
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How millennials are reshaping the future of ecommerce

Last Thursday, we talked about the reasons why you shouldn’t ignore Gen Xers in your ecommerce strategies. Today, we’ll explore the minds of another generation you should pay extra attention to—millennials. ✨

Spoiler: It’s not all about one-click buys and same-day deliveries.

  • The ways to millennial shoppers’ hearts 💘
  • No more time-consuming marketing ⌚
  • Millennials’ thoughts on Prime Day 2024 💭

BIG IDEA

Did you know millennials could make up more than half of the global workforce by 2025? This shift means their purchasing power is something no retailer can afford to ignore.

Their preferences and behaviors are likely setting the stage for the future of retail. GhostRetail provides a glimpse into what this future might look like.

👤 Millennial shoppers in a nutshell

Millennial shoppers, particularly those aged 25–35, are tech-savvy, values-driven, and highly connected. Here’s a snapshot of their shopping habits:

  • Social media consumers. About 43% of millennials have made purchases through social commerce, and 36% have bought items based on influencer recommendations.
  • Values first. 47% want brands to take a stand on social issues. When a company aligns with their values, it’s a major win in their book.
  • Digital fans. Traditional ads still have some pull, but they’re more likely to discover new products through digital channels.

🛒 Key shopping preferences

Millennials have specific preferences that set them apart. If you want to win them over, here’s what you need to know:

  • Convenience and speed. Millennials lead busy lives and expect their shopping experiences to be fast and seamless.
    • How to ace this: Offer quick, hassle-free shopping.
  • Personalization and customization. This generation loves products that feel tailor-made for them.
    • How to ace this: Use a recommendation algorithm to generate specific product recommendations to your millennial buyers.
  • Sustainable and ethical shopping choices. Millennials are drawn to brands that prioritize sustainability and ethical practices.
    • How to ace this: Embrace green practices, such as adopting reusable/recyclable packaging.

But what’s the ultimate way to win their hearts?

Millennials are driving the future of ecommerce with their demand for convenience. But to fully capture this generation, you need to join the mobile revolution.

Millennials are glued to their smartphones, using them to browse and buy with just a few taps. So, make sure your website is optimized for mobile and offers seamless mobile payments.

That’s a surefire way to reach them and win their loyalty. 🔥

TOGETHER WITH INSENSE

The answer to time-consuming marketing

Tired of wasting hours on influencers who don’t respond to your dms or emails? 

Want to ditch the clumsy campaign spreadsheets?

You need Insense.

Insense is the end-to-end solution for UGC and influencer marketing campaigns, trusted by 1,700+ DTC brands and agencies, including:

  • WaveBlock - generates 300+ UGC assets per month for TikTok and Instagram
  • Any Age Activewear - got matched with 50+ year-old creators within 2 days and received 50+ UGC assets within 2 weeks
  • Easy A Media - Ran product seeding campaigns for various brands in different niches, which generated 100+ UGC assets within 2 weeks 

It gets even better - Insense can also provide you with a dedicated platform manager to scale your UGC production and influencer campaigns, saving 40+ hours each month.

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BITES OF THE WEEK

HOT TOPIC

Millennials aren’t fans of Prime Day 2024—here’s why

Amazon’s Prime Day remains a shopping juggernaut, drawing millions of buyers and racking up billions in online sales. However, this year’s event saw a slight dip in enthusiasm among millennials.

So, what’s going on?

🧠 The culprits

Retail analyst Sucharita Kodali from Forrester offers some insights into why this might be happening:

  • Statistical blip. The observed decrease in millennial spending might not be substantial. This means that the dip might be within a range that doesn't represent a true shift in behavior.
  • Student loan payments. The resumption of student loan payments after a pandemic-era pause might be impacting millennials' disposable income.
  • Home buying savings. Millennials might be saving more to purchase a home, leading to reduced discretionary spending. 🏠

The bigger picture

Despite these trends, Amazon's overall Prime Day success is measured by subscriber growth and retention. As of June, Amazon had 184 million Prime members.

Although millennials’ spending on Prime Day dipped, there's no indication that their membership is waning. In short, Amazon is still in a good place overall, even if millennials aren’t as enthusiastic as they used to be. 👏


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