That group of shoppers that are known as “millennials” – which basically means those aged currently between 18 and 34 are cunning blighters when it comes to shopping, if research from Mindshare is to be believed.
They are price conscious as a group but also willing to wait out retailers if it means they might get a better deal and have some ideas on how retailers might try and woo them.
“Every day, consumers are growing savvier and savvier in their online shopping habits,” says Joe Migliozzi of Mindshare North America. “That’s not necessarily a bad thing for retailers — it’s a different kind of engagement. But brands do need to understand this shift in behaviour, and adapt their marketing plans in creative ways.”
And here’s how:
– 47% of millennials will purposely leave items in their shopping cart in hopes that the retailer will reach out with a promotion.
– 39% of millennials clear their online search history to get better prices from online sellers.
– 26% of millennials have purposely entered a fake birth date to receive a discount.
– 70% of millennials search for promo codes online before purchasing.
The big question is how sellers can surf these trends themselves and bag some that millennial loot.