It’s no secret that Millennials are huge online shoppers — there are over 80 million of them currently spending nearly $600 billion annually, and that figure is projected to balloon to more than $1.4 trillion by 2020. However, if your ecommerce site treats all Millennial shoppers the same, you’re making a big mistake that could be costing you sales.
A recent survey by CueConnect identifies five very distinct types of Millennial shoppers. Here’s a closer look at what you need to know to connect with each of them.
- The Social Shopper
This group would jump off a bridge if their friends did. Accounting for nearly 50 percent of Millennial shoppers, they are highly influenced by friends and family members when shopping.
To reach Social Shoppers: Offer a way for them to capture, organize and share products they are considering purchasing or have already bought from you. For example, you can encourage shoppers to share photos of their purchases on social media, create an online “wish list” of products they want to buy and make it easy for them to save prospective purchases in their shopping carts for later.
- The Bargain Hunter
Grandma isn’t the only one clipping coupons: This group, accounting for nearly 58 percent of Millennial shoppers, is dubbed the “Krazy Coupon Lady of Ecommerce.” Bargain Hunters are more likely to purchase from an ecommerce site when are deals to be had.
To reach Bargain Hunters: Email or text them a discount code. Notifying these consumers immediately when you are offering a deal is key, so get them to sign up for text messages from you and to follow you on social media, then share codes there.
- The Elite Shopper
Nearly 50 percent of respondents fall into this category, which prefers things handed to them on a silver platter. Feeling valued and rewarded is important to these Millennial shoppers.
To reach Elite Shoppers: Set up a loyalty program and reward them for purchases with loyalty points, free gifts or VIP treatment. These Millennials also love personalized shopping experiences. You can track their past purchases and send them suggestions for new products they may like based on that information. Also set up chat on your site so they can interact one-on-one with customer service reps for personalized assistance.
- The Impulse Buyer
Almost half of Millennials in the survey admit that they have made an impulse purchase based on a suggested product on an ecommerce site — after all, who doesn’t have a hard time resisting shiny objects?
To reach Impulse Buyers: Make sure your website offers suggestions or recommendations for related products as customers are browsing. You can also send these buyers alerts about new products based on what they have purchased in the past.
- The Frugal Fannie
This is the smallest group of Millennials, accounting for just 37.2 percent of respondents. These die-hard non-consumers dislike shopping and only do so when they absolutely, positively have to have something.
To reach Frugal Fannies: Use email marketing to reach out to these Millennial customers and develop a strong relationship so that when they do have to shop, yours is the ecommerce site they think of first. Track their purchases of products that wear out or get used up and need to be replaced or replenished, and send them reminders when it’s time to buy again. Even better, set up auto-ship options so they can buy the product once and never have to think about it again.
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Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at email@example.com, follow her on Google+ and Twitter.com/Rieva, and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.