Retailers might have overvalued the way millennials shop online.
Or have they?
Research from New York City-based LIM College found that nearly 70 percent of 18-25-year-olds still prefer shopping in brick and mortar stores rather than online websites for products such as clothing and shoes.
The majority of the people surveyed said they prefer to handle, feel and try on such products before buying.
The study, which was conducted by members of the colleges Retail Federation Student Association (NRFSA), surveyed various 18-25-year-olds in an attempt to figure out where they shopped, how much they spent, and the role social media played in their shopping habits.
We like shopping in stores and are not as engaged in shopping on the Internet as many have touted, said Nicole Flasch-Mihalko, a member of the LIM research team. I guess the demise of the brick and mortar format of retailing at least for 18-25-year-olds is grossly exaggerated.
Although millennials arent keen on buying everything online, that doesnt mean they dont use the Internet to research products before going to the store. In fact, 66 percent of the people surveyed said they use the Web to explore and compare prices.
Other interesting findings from the study include:
Because the average millennial spends nearly 18 hours per day wrapped up in various media, most companies recognize that if theyre going to reach them, they need to have a strong digital presence for influence, if nothing else.
So what do millennials want from businesses online?
Authenticity According to Forbes, 37 percent of millennials claim to distrust big business. To combat this, companies are implementing social media strategies aimed at building personal connections with fans online.
A listening ear Sixty-four percent of millennials say that companies should offer more ways for them to share their opinions online.
More than a product According to MarketWatch, 50 percent of millennial parents say they try to buy products that support causes or charities.
Or have they?
Research from New York City-based LIM College found that nearly 70 percent of 18-25-year-olds still prefer shopping in brick and mortar stores rather than online websites for products such as clothing and shoes.
The majority of the people surveyed said they prefer to handle, feel and try on such products before buying.
The study, which was conducted by members of the colleges Retail Federation Student Association (NRFSA), surveyed various 18-25-year-olds in an attempt to figure out where they shopped, how much they spent, and the role social media played in their shopping habits.
We like shopping in stores and are not as engaged in shopping on the Internet as many have touted, said Nicole Flasch-Mihalko, a member of the LIM research team. I guess the demise of the brick and mortar format of retailing at least for 18-25-year-olds is grossly exaggerated.
Although millennials arent keen on buying everything online, that doesnt mean they dont use the Internet to research products before going to the store. In fact, 66 percent of the people surveyed said they use the Web to explore and compare prices.
Other interesting findings from the study include:
- Only 23 percent of 18-25-year-olds shop with their smartphone or tablet.
- Sixty-six percent of surveyed people said they prefer to think about their purchase before buying.
- Fifty-six percent of young adults surveyed pay for the majority of their purchases with debit cards, not cash or credit cards.
- While millennials will like or follow a brand on their social channels, more than 88 percent do not want to shop through Facebook or Twitter.
Because the average millennial spends nearly 18 hours per day wrapped up in various media, most companies recognize that if theyre going to reach them, they need to have a strong digital presence for influence, if nothing else.
So what do millennials want from businesses online?
Authenticity According to Forbes, 37 percent of millennials claim to distrust big business. To combat this, companies are implementing social media strategies aimed at building personal connections with fans online.
A listening ear Sixty-four percent of millennials say that companies should offer more ways for them to share their opinions online.
More than a product According to MarketWatch, 50 percent of millennial parents say they try to buy products that support causes or charities.
