We all know that Millennials love to shop, but it’s also important to know how this demographic makes purchasing decisions. It turns out that 72 percent of Millennials research products and services online before making a commitment to buy. The two biggest factors driving this group’s buying decisions are value and price.
Millennials Seek Value, Savings
This generation grew up online and is comfortable using it for just about every decision they make, whether it’s checking the weather before deciding on an outfit or looking up a review before hitting that new restaurant. If information about your product or service isn’t online and easy to find, you’re going to have a tough time selling to Millennials.
Here’s what Jessica Hendrix of Saatchi & Saatchi X had to say on a recent episode of Focus on Suppliers:
“It’s important for Millennials to have all the information they need before making a purchase. They care more about value and price than anything else. So make sure you engage them in price and value communication. Motivate them by making it easy to shop online, to learn about products, and then to purchase and engage. Facilitate that by offering free shipping, deals, and coupons, and then creating a seamless environment online or in-store.”
What Can Suppliers Do?
While retailers bear a lot of responsibility for creating seamless, informative shopping environments, there’s a lot that suppliers can do as well. If you’re selling an online marketplaces, you may have a lot of control over the content available on these sites. Make sure that your product listings include clear photographs, video, and descriptions. Since Millennials are also concerned about price and value, it’s important to keep your pricing in line and, when possible, to offer coupons and specials to keep your customers engaged.