The Millennials are an unstoppable force when it comes to e-commerce. They use their phones, tablets and computers to research products worldwide, habits and preferences and make their buying patterns are unique.
SMEs in Mexico can better attract and retain customers in this generation by offering products and services tailored to their needs.
Are you ready to sell these consumers no matter where you are or where you are located your business? According to a study by Ipsos and PayPal, the online shopping Millennials seek the following:
1. Competitive prices
The price is a more important factor than the place. 69% of Latin Americans between 18 and 34 years do not matter where purchases are shipped, provided they obtain good price. Coupons, deals and discounts boost to 41% of Millennials in the region to make Internet purchases. Therefore, low prices can be attractive to win over younger customers.
2. Fast Shipping without cost
Millennials have grown up with a fast pace and "connected", so expect products are available immediately, and the fact that delivery times faster, increases your chances of buying. That is why more than half of that generation in Latin America says that free shipping is a decisive factor.
These buyers want to be sure that getting what they are paying and that their online transactions are reliable, even if done in another country. Proof of authenticity is an important factor for 45% of Latin Americans of that generation, as well as a secure form of payment (57%).
They also tend to check the exchange rate before making purchases in foreign currency, so to offer a tool to make payment in local or foreign currency, helping SMEs to make the sale, no matter what country they come from, without having to worry about making currency conversion, which is already carried out by the method of payment.
Millennials are more likely to return items purchased international than the average population. In Mexico, 18% of consumers between 18 and 34 years said he returned goods, compared to 16% of all ages. Globally, the return has no cost to the user is an element which attracts 38% of them. Promote a free service expenses return (companies like PayPal incorporate it), it may be favorable for the image and reputation of SMEs.
However, Millennials around the world are interested in purchasing a variety of products and services in several countries through the Internet, the main ones are: clothing, accessories and shoes; articles of entertainment or education in digital formats (books, apps, music, movies); and gadgets.
Design experiences related buying preferences of this generation can help companies take advantage of this important demographic group: they are the most technological, diverse and connected generation that has known; invest more in digital purchases and account for more than half of those who intend to purchase online, according to Nielsen. Conquer is an effective way to grow your business at national and international level.