Return rates can be 30 percent or higher.
The holiday season is a difficult time for retailers, with the return rate for gifts often higher than regular purchases. In some eCommerce stores, the return rate is as high as 35%, compared to a return rate of about 16% for everyday purchases. Retailers are pressured to make the return process more accessible and convenient for consumers. Many shopping malls are trying to address this problem. For example, malls like the Mall of America have partnered with Narvar to improve customer service and reduce the number of returns.
One of the most critical factors for eCommerce retailers during the holiday season is how they handle returns. While many consumers would prefer to return in-store purchases, the increased use of eCommerce makes it challenging to meet in-store return requests. Even if return policies are flexible year-round, most retailers extend their return windows around the holidays.
Millennials are the most popular online shopper.
The millennial generation has become the largest group of online shoppers. According to Statista, 86.2 percent of millennials have used an online shopping app. This is significantly higher than the 6.4 percent of non-millennials. Millennials also spend more on groceries than other categories. They prefer to buy healthy foods and avoid processed foods and alcohol. They also spend more money on entertainment.
According to a survey by CouponFollow, millennials are the most popular online shoppers. These consumers often use their smartphones to make purchases. According to the study, 36% of millennials purchase online through mobile devices. This group also uses their mobile phones to find coupons and discounts.
Millennials also use social media and online reviews to make decisions about purchasing products. In addition, 8 out of 10 millennials use social media to read reviews before buying. As a result, traditional advertisements don’t influence their purchasing decisions. Instead, they rely on thoughts, social media, and other users’ opinions to make their final decision.
Online shopping is a great way to reach this age group. The average millennial household in the U.S. spent $60,000 last year. Moreover, millennials are expected to spend more on e-commerce as they age. As a result, brands that engage with these consumers will see significant benefits. Brands should also focus on mobile as a way to reach millennials. More than half of U.S. millennials use their smartphones for shopping.
Millennials prefer free shipping over fast delivery.
While free shipping may seem like a nice perk for online shoppers, it may not be as valuable as it used to be. Millennials and Gen Z are three times more likely to pay for expedited shipping options than their older counterparts. Millennials place the highest value on speed, especially when it comes to apparel and electronics.
A Deloitte study showed that millennials are willing to pay an extra $5 for same-day shipping during the holiday season, while non-millennials would pay just $3.80. In addition, millennials prefer expedited delivery to avoid long waits for their gifts.
Millennials’ thrifty mindset means that they’re not above cheating the system. For example, 26% of millennials have used a fake birth date to receive a discount, and 36% have used multiple email accounts to access one-time-only deals. They even share their $99 Amazon Prime account with friends or family members to save money.
As eCommerce grows, same-day delivery and fast shipping options are becoming more critical. Nearly half of millennials prefer same-day delivery, and 45% of Gen Xers say it’s essential. Moreover, according to a recent Nielsen study, fast delivery is the top consideration when shopping online.
Millennials treat themselves during the holiday season.
According to a new survey, nearly one in three millennials will buy gifts for themselves this holiday season. Almost half of all millennials with significant others spend at least $100 on themselves. Millennials will also spend more on their significant others than do boomers or Gen Xers. Millennial men are paying nearly double what their female counterparts do. In addition, almost two-thirds of millennial parents plan to spend on their children during the holiday season.
The survey showed that the holiday season is a time for giving and receiving gifts, but Millennials are now catching on to the “treat yourself” movement and spending more on donations. The study also found that the percentage of millennials who plan to buy gifts has increased by 13% from last year. In addition, Millennials are more likely to set a holiday budget and stick to it. Millennials are also more likely to buy clothes for themselves and friends, and over half are planning to buy themselves clothes or apparel during the holiday season.
While older generations have become increasingly thrifty and have more money to spend, millennials still plan to treat themselves during the holiday season. Although many millennials are already up to their eyeballs in debt, Gen X and Gen Z are just getting started in their careers. And while Boomers have the best romantic attitude regarding marriage and relationships, they are the least likely to treat themselves during the holiday season.
