It’s common knowledge that price is one of the most powerful deciding factors in making purchases. We all want great deals, and we all hate seeing a product at a much lower price than what we’ve already paid.

But product price is just a single piece to the puzzle. And because Millennials are some of the most active shoppers in the world today, marketers are continuously figuring out ways on how to effectively engage with them.

In recent months, several studies that centered on Millennial shoppers were published. There’s the Millennial Shopping Report 2019 by CouponFollow and a global market research conducted by Accenture, to name a few.

In this article, we will tackle some insights that surfaced from some of these most recent reports. Getting great bargains is an all-time star in shopping, yes, but we will look beyond that today.    

Millennials assess before they purchase

With easy-to-access product ratings and reviews, Millennial shoppers have learned to take advantage of them--especially today that online shopping has become more popular than buying from physical stores. However, Accenture’s study also reveals that even those who shop in brick-and-mortar stores still often check online to assess if a product is worth their money. This explains why many companies invest time and effort to collect reviews, and some even pay to get good ones.

It’s also notable that people are becoming more and more critical about the companies they buy from. Terms like sustainability and fair trade have become some of the most attractive lines a company can tell, and socially responsible marketing is becoming the preference. In fact, in 2015, the Nielsen Global Corporate Sustainability Report found that 73% of Millennials are willing to spend more for sustainable products.

Online beats offline 

Contrary to older reports, recent surveys reveal that online shopping has become the preference of most Millennials, especially the younger ones. It was also found that Millennials prefer shopping through their mobile phone over a laptop or desktop computer.

However, this doesn’t mean that physical stores are fading out. Accenture’s study, which involves one of the largest shopping malls in America, showed that some digital-savvy people still like going to physical stores. Apparently, some people still prefer personally touching an item before making a purchase.

Value, value, value

Many companies provide value through multi-directional initiatives. Aside from products, they offer value through reliable customer service, loyalty rewards, CSR projects, and other ventures that benefit customers or certain sectors of society. Companies that serve in multiple ways are inviting to Millennial shoppers.

Discounts are default expectations

With the increasing number of shops, online and offline, people are gaining more and more choices. As a result, discount coupons or promos have become less of a special offer and more of a default expectation that shoppers have. This applies not only to general merchandise but even to specialized stores like an electronics or industrial products shop.

According to CouponFollow, 95% of Millennials spend several minutes looking for coupons before buying an item online. Unsurprisingly, several online shops today display their coupons on their pages like banners.

Non-influencers are influential

Despite the popular influencer culture, it appears that most Millennials still prefer honest product opinions from ordinary people. Celebrities and social media personalities aren’t always trusted when it comes to product reviews, for the reason that most of them get paid to promote. Some people may be persuaded by them, yes, but studies show there other more important factors that lead people to buy.

Also, it appears that “micro-influencers”--those that don’t have a very big following but are seen as authoritative in a certain niche--are gaining more trust than most self-proclaimed influencers.

Understanding Millennial’s buying motivations, values, and preferences are essential for today’s businesses to keep up with their client base. For a more in-depth look at Millennials and relevant shopping-related statistics, check out the reports linked above.