Let’s Give ‘Em Something to Talk About: Millennials on the Retail Landscape

It is no secret that social media has come to play a big role in influencing purchasing decisions. There has been an impressive amount of research done over the last few years surrounding who and what influences an individual when it comes to their social networks, and many retails have taken this to heart, attempting to garner control through social media channels and boosting their sales as a result.

What kind of information are we talking about? Check out this great infographic from Bazaarvoice, Talking to Stranger: How Social Influences Millennials’ Shopping Decisions!

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Here are some highlights from the infographic:

  • According to the infographic, by 2017, millennials will have more buying power than any other group – that is a huge target market.
  • 84% of millennials say that their online world and social networks influence their purchasing decisions at least somewhat (25% said a lot, 59% said some).
  • Many reported not making a purchasing decision without some online reference
    • 44% for major electronics
    • 40% cars
    • 39% hotels
  • 51% said that consumer opinions found on a retailer’s website have a greater impact than even their friends and family.
  • 71% of millennials share their opinions online because they feel others value and use them.

These numbers are pretty remarkable when you consider the shopping done by this generation.

So how can you harness the power of the web to influence consumer purchasing behaviour? Since you can’t, or at least should probably avoid trying to, control those reviews, you have to do some work in store. One of the biggest influencers has come to be customer service, and so upping your game is crucial. Availability of products on shelf, as well as total shopping experience, are also crucial.

Want to know more about how to take control of consumer purchasing decisions and make social media work for you? Contact Storesupport today at 905.847.6513.

 

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