The Top Five Myths Retailers Believe About Millennial Shoppers

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Myth #2: Every millennial wants to use mobile devices, and looks for loyalty and rewards programs.

BUSTED -- Not all millennials are created equal, but many of them are information-seeking shoppers. This group tends to gather more information on products before making decisions than any other demographic; of the respondents, 60 percent said they do their pre-purchase research through retailer websites, 57 percent said they turn to Amazon and 55 percent use word of mouth. Needless to say, online research played a major role in shopping decisions this holiday season.

According to Accenture, millennials are expected to spend approximately $600 billion annually. This is a significant market, one that retailers must ensure they are part of. Yet millennial shoppers are a unique breed with very specific preferences, often leaving many retailers scratching their heads as they explore new engagement methods. Merchant Warehouse and Retail Pro International recently completed a survey around millennial shopping preferences with the goal of identifying where this knowledge gap exists and, in turn, helping retailers more effectively identify ways to attract and engage millennial shoppers. Based on the data, Merchant Warehouse and Retail Pro International identified the top five myths retailers believe and put them to the test: are they true or just a myth?

 

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