Millennial consumers have a lot of spending power. They make between $64,000 and $75,000 a year on average, and they spent a combined $1.4 trillion in 2020 despite the pandemic. Because they spent most of that money online, many eCommerce companies have started tailoring their marketing strategies to millennials’ preferences.
If you are trying to get your eCommerce business off the ground, it could benefit you to do the same. Read on or skip to the infographic from Possible Finance to learn how to place millennial consumers at the forefront of your marketing efforts.
How do Millennials Spend Money?
Millennials were the first generation to grow up immersed in technology, so it comes as no surprise that they make a majority of their purchases online. They made 60% of their purchases online in 2019, and that percentage skyrocketed in 2020 during the pandemic.
However, that doesn’t necessarily mean that all millennials are prone to impulse buying. In fact, 39% of millennials reduced their spending on non-essential items last year. They are also more likely than baby boomers or gen X to shop ethically and save or invest their money. Millennials may spend a lot of time shopping online, but they need to know that a product meets their standards before deciding to buy it.
How Can eCommerce Companies Market to Millennials?
Millennial shoppers tend to prioritize quantity, image societal impact when searching for the right product or service. If you’re looking to advertise to this tech-savvy generation, consider implementing the following strategies:
- Offer free delivery and easy return policies.
- Highlight the environmental and societal impacts of your business and products.
- Utilize multiple marketing formats, like audio, video, and blog posts.
- Share content on social media.
When millennials aren’t busy buying up homes or building their credit, they often spend their money on affordable products from reputable online retailers. Check out the infographic below to learn more about marketing your products to market to millennial consumers.