Survey Offers Clues for Converting Millennial Shoppers
Millennials are a coveted demographic for retailers, and with good reason. Categorized as those born between 1982 and 2003, millennials account for more than $1 trillion in U.S. consumer spending, and by 2020 will comprise more than one in three adult Americans. Therefore, it's valuable for retailers to try to learn as much about these shoppers as possible. A recent survey from Instart Logic, a cloud application delivery service, provides a good start. Consider some of the survey's findings:
- 57 percent of millennials are more inclined to make a mobile purchase via a browser vs. 43 percent who favor an app;
- 55 percent of millennials (72 percent of millennial females) cite pictures and visuals as the element of the shopping experience they couldn't live without when shopping on a mobile device;
- nearly 20 percent of millennials said they would only wait two seconds for a mobile shopping site to load, and 68 percent would wait no longer than five seconds; and
- two-thirds of Millennials prefer to conduct mobile shopping at home, preferring the reliability of their Wi-Fi to on-the-go shopping and its unreliable Wi-Fi and competition for bandwidth.
A trend that emerged from the survey is that speed is imperative to millennials, particularly when shopping on mobile devices. In addition to fast-loading websites, millennials value compelling visual content.
"These survey results very clearly indicate that the mobile customer experience will greatly influence the success or failure of retail brands with millennials," said Manav Mital, CEO, Instart Logic, in a company press release. "Millennials insist on fast performance on every device and wireless connection they choose. It makes the difference between bounce and buy. There's still time for retailers to evaluate and install new web delivery technology and ensure the performance that gets the millennial customer."
What's your company doing to court millennials? What strategies have proven most effective? What haven't worked? Let us know by posting your comments below.
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.