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Friday, March 29, 2024

Online shopping traits of Millennials

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It is truly a great time to be a shopper and alive. Because of the omnipresent Internet, today’s consumers no longer need to go to shops to buy goods; we can now do it anywhere, anytime. 

“Competition is no longer limited to local shops during regular business hours. Consumers can easily buy from retailers and manufacturers located anywhere in the world—or from those with no physical retail locations at all,” notes KPMG International’s global chair for Consumer Markets Willy Kruh

Understanding that keeping pace with what drives people to shop online is critical to succeeding in the digital world, KPMG International commissioned Intuit Research to conduct a survey of global online shoppers. The study analyzes the online shopping preferences and behaviors of more than 18,000 consumers, ages 15 to 70, who have purchased at least one product online in the past 12 months. Respondents are from 51 countries. 

A KPMG International study reveals important facts about online consumers from different generations

Here are 5 notable things the study have found about millennial online shoppers:

Millennials spend the least among older generations

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Apparently, tech-savviness does not equate to spending more money online. Average purchase of Gen Y (born between 1982 and 2001) shoppers amount to $173, lesser compared with $190 for Generation X (1966 to 1981) and $203 for baby boomers (1946 to 1965). 

“Stage of life and income levels are certainly primary factors driving both online and offline shopping. And Generation X consumers, many of whom are more established in their careers may be building homes and families, are likely buying more consumer goods than the younger millennials overall,” comments Kruh.

He remarks, however, that as millennials continue to enter workforce and adulthood, their online shopping activity is expected to surge and even surpass the levels currently exhibited by older generations.

Millennials are the least motivated to locate hard to find items

Online shopping websites have allowed consumers to find rare or limited-edition items, but Gen Y shoppers would most likely be called out for being short-tempered once again as the KPMG study shows that they are are the least motivated to locate these products despite having Internet connection. 

Only 17 percent of millennial respondents are motivated to search hard to find items online, lower compared with the 20 percent average among all consumers, and 20 percent for Gen X and 26 percent for baby boomers. 

In fact, the young online shoppers are also the least concerned about being able to see real-time product availability—cited as important by 28 percent—versus 36 percent of Gen X and 37 percent of baby boomers. 

SHOP ON YOUR LAPTOP. Young and old consumers no longer need to go to retail stores to shop, they're now doing it on their mobile devices anytime, anywhere.

Millennials are the least concerned about data protection

When it came to earning trust, consumers of all ages agree that protecting their data and information is most important (63 percent). Although among generations, millennials are the least concerned about this issue, albeit still considering it important, with 56 percent. Sixty-six percent of Gen X ranks it as high priority, while 71 percent of baby boomers say it is but important when shopping online. 

Millennials prefer personalized interactions than customer support

The study reveals that excellent customer support is the number one loyalty-earning attribute for online shops, followed by exclusive promotions and offers, and loyalty membership programs. But across all generations, more baby boomers place high importance on customer support, at 74 percent, 66 percent for Gen X and 59 percent—lowest—for Gen Y. 

Younger consumers, on the other hand, tend to be more loyal to companies that offer personalized interactions, such as customized promotions, anticipation of needs, having a sense of community, one-on-one engagement on social media, online games, concierge services, and other interactive experiences. 

Millennials are most likely to post a review

Overall, 31 percent of consumer respondents say their have shared a product review online, but millennials are most likely to post a review at 34 percent, more compared with Gen X at 29 percent and baby boomers at 28 percent. Nearly all (or 92 percent) of these reviews, however, are positive. 

These reviews are posted on seller’s website (47 percent), Facebook (31 percent), and manufacturer’s or brand’s website (18 percent). Millennials also frequently post on other platforms such as WhatsApp, Instagram and Twitter.

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