Millennials: a Huge Impact on Online Sales

All our marketing researches are traditionally based on the surveys of the target group. Usually, it indicates people of 25 years and older. Can you imagine, what a fatal mistake it would be to approximate all information based on the behaviour of an older generation, instead of looking at the audience with new habits and preferences - ie. the millennials.

What are Millennials?

A millennial is understood to be a demographic composed of young people born between 1980 and 2000, whose age, therefore, comprises between 15 and 35 years. This generation is characterized mainly by people growing up with new technologies, which has determined to a great extent their consumption habits.

Whom does it concern?

For any forward thinking business this demographic has to become the main object of study, since its scale of values is very different from the consumers of previous generations.

What are the Characteristics of Millennials?

Millennials vary according to the region and its socioeconomic conditions. They are usually characterized by their massive use of social networks and their familiarization with communication and digital media. These are composed mainly of individuals who have grown up immersed in the digital age and who conceive technology as part of their day to day life, which greatly influences their consumption and their perception of brands.

Some of the main characteristics of millennials, according to several studies, are:

• Critical

Millennials have grown up with the Internet and other digital platforms, so they have a great capacity for criticism. They are consistently exposed to online media channels, news, and other user’s reviews, which has an effect on forming their opinions. They investigate and contrast information, which shapes much of their thoughts.

• Collaborative

There has been a growing interest in software platforms that promote an exchange of views and communication, like forums or social networks. They are continuously communicating with other people, and many even consider it very important to make their opinion known to others.

• Passionate

This is one of the main characteristics of this new generation and is observed both in their habits of life and consumption. They try to make the most of everything they do and live in the moment. They are people open to change and with a great capacity for adaptation.

• Nonconformist

When a job no longer satisfies them or does not meet their expectations, they look for another opportunity. They are not afraid to take risks.

• Love of technology

They were born with the Internet, so technology and social networks are an essential component in the development of their social life.

• Influencers

They are not only consumers, but also the promoters of ideas. For them, sometimes the experience of something is much more important than purchasing itself. In this way, they often acquire products because of the good reviews experiences that others have had. Travel, sports, leisure plans are some of the activities that motivate these new consumers.

Internet as a means of purchase

Although millennials still prefer physical stores, research has shown our agency that they are inclined to first look on the internet, report, and compare, before eventually buying the product.

The Future of Online Sales

Based on a recent study by Goldman Sachs, millennials consume differently than previous generations, about what they expect from brands. They value elements such as instant gratification, shared experiences or brand innovations including new technologies in their products and services.

As shown, millennials are increasingly receptive to small and lesser-known brands, so they purchase a wide variety of products. For example, this differs greatly from previous generations, which were known to stay loyal to a single brand.

How to Attract Millennials to Your Business?

There are several methods to attract more Millennials to your business. Here are some ideas:

• Spread your brand through social media with a special call to action, targeted to millennials
• Focus on your company reputation for the new generation
• Attract more followers among the millennials with incentives, free samples, and funny competitions.
• Invite celebrities and incorporate influencers to let your brand be well known among young people, so, coming to age they will be your loyal customers, and meanwhile, their behaviour will be an example of the most valuable target group reaction to your product or service.

Alexander Bessudnov

Chief Product Officer

With a passion for innovation and a keen understanding of market trends, Alexander plays a pivotal role in shaping Magora's product development strategy and ensuring the delivery of cutting-edge solutions to clients.