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BizReport : Ecommerce archives : June 20, 2016

Study IDs types of Millennial shoppers

Boomers may have more expendable cash, but Millennials are quickly becoming a consumer force to be reckoned with, and have many merchants asking what, exactly, these shoppers want. One new report dives in to what Millennials want.

by Kristina Knight

"Retailers who want to win big are going to be forced to approach their brand from a place of empathy. Tying the consumer experience to emotion is to millennials what direct mail was to baby boomers. Millennials have to feel understood and are insatiable when it comes to immediacy for more personalized touchpoints and better service," said Berkley Bowen, CEO and founder, Cue Connect. "This research tells us that 'surprise and delight' is imperative. These insights will help retailers better understand, and therefore engage with, their most important - and arguably, smartest - shoppers today: millennials."

According to one report Millennials spending power will surpass the $1 trillion mark by 2020, and now represents more than 80 million shoppers. Getting to know these consumers could give brands a big leg up in the spending wars. The Cue Connect study identified four types of Millennial shoppers.

The Millennial 'Bargain Hunter' represents more than half (57%) of the demographic; these shoppers are interested in getting a deal for their purchases - they like discount codes and coupons.

In addition to Bargain Hunters, Cue Connect found Millennials are likely to be Social Shoppers and Impulse Buyers. These shoppers are influenced by their friends/family purchases, and about half have made purchases on retailer sites because of the 'also bought/suggested items' feed on their shopping cart page.

More than 47% are 'Elite' shoppers, and want loyalty programs - they especially like loyalty programs that are tailored to their needs/wants.

Finally, just over one-third are Frugal Fannies and will only shop when they 'absolutely need' something.

Tags: Cue Connect, ecommerce, m:commerce, millennial shoppers

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