How Young Consumers are Changing the World Of Ecommerce
The world of e-commerce is greatly influenced by the young. For the business, it means bringing the products to the buyers online. Who are these buyers?
It may interest you to know that these buyers are comprised of a majority of the young generation. So, it’s safe to say they are young consumers.
The vast majority of those who buy online are below age 50. This includes the millennials (those born in 2000s). In a recent survey, it was discovered that 67% of millennials prefer to shop online. This is a large number of young consumers. It is to be noted that these stats never decreases. It keeps increasing.
Many people may not believe that young consumers dictate where the world is buying from online. According to Inviqa, 58% of 16-36 aged consumers buy from Amazon. The interesting thing is that they are most likely recommending it to several of their friends if they buy from there.
It has also been established that several online channels lose young consumers because of extra costs on their carts. The young generation is friends with e-commerce platforms at a lesser cost. In Africa and many parts of the world, young consumers spend a lot of time trying to win coupons on e-commerce platforms. This is because they are continually looking forward to buying more but pay lesser.
Baymard Institute made a shocking discovery. They found out 53% of online shoppers abandon their carts because of extra charges.
So, the young consumers are helping to shape the e-commerce platforms charges to increase participation. Ecommerce platforms suffer abandonment and reduction in customer registration due to this particular reason.
The increase in e-commerce platforms usage is influenced by the young consumers’ high use of social media. In real truth, the e-commerce platforms catch more customers for registration and purchase through the social media platforms. Well, it’s no news that the prevalent users of social media are the youths.
Interestingly, the youths have greatly influenced the products available for sale on e-commerce platforms. The platforms account for young consumer needs selling more on their e-commerce platforms. So, they make available aged customer products at a minimal rate because even it is sold, a young person must have ordered it for the aged.
Lastly, young consumers create these platforms. They input the needs and attractions of the young consumers on the platforms. For instance, the older generation is always skeptical about online payment and using new payment channels, but the younger generation is happy to explore new things. They want to be the first to have the promised experience.
Young consumers have been influencing the e-commerce platforms right from inception. Although there is little participation from the older generation, it is not as much as influencing and controlling the e-commerce industry. The growth of the e-commerce industry is evidently in young consumers’ hands as their participation keeps increasing. It is, therefore, the world of young consumers.