The Millennials Challenge: Turning Browsing Into Buying
Retailers are often frustrated by millennials’ browsing habits because while they like to shop online, they don't often result in a sale. This behavior is part of an overall "fauxsumerism" trend which describes millennials avoidance of ownership. The trick for retailers is to leverage this browsing as a positive and use some techniques to extract sales from this group while building your brand.
According to statistics from The Intelligence Group, millennials are increasingly browsing without the intent to make a purchase. Shopping on their mobile device is just another way to pass time, similar to scrolling through Facebook posts or finding a new Pandora station. Many of these users are shopping without any buying intentions, which of course poses a challenge to retailers that want to capture revenue from the highest percentage of visitors.
Here are four tactics retailers can use to leverage millennials’ buying power by moving them from browsers to buyers:
1. Adapt to millennials’ shopping habits. Understand they might just be wasting some time, but are coming to your site for a reason. If you can capture what they're looking at, then you can quickly offer a discount or some other real-time inducement. If you notice that as a group they're looking at certain products, then perhaps you need to improve the product descriptions with more images or video. You also want to be sure the purchase process is as simple as possible (think Amazon.com's 1-Click) since millennials expect to do things quickly and painlessly.
2. Leverage their "wish lists." The study from The Intelligence Group also noted 40 percent of the surveyed millennials are creating wish lists on e-commerce sites, and saving money to make purchases. This provides an opportunity for retailers that can offer personalized communications about specific wish list items in order to encourage buying decisions. Maybe the consumer put an item in the wish list cart that used to be available in just a silver color. If you receive inventory for the same product in red, orange and green, use that variety to your advantage by alerting interested shoppers.